The following information is available for Lock-Tite Company, which produces special-order security products and uses a job order costing system. April 30 Inventories Raw materials Work in process Finished goods 52,00 12,000 72,080 $78,800 24,980 53,600 Activities and information for May Raw materials purchases (paid with cash) Factory payroll (paid with cash) Factory overhead 228,000 381,98e Indirect materials Indirect labor Other overhead costs 33,000 98,080 138,080 1,580,0e0 Sales (received in cash) Predetermined overhead rate based on direct labor cost 75% Determine whether there is over or underapplied overhead Factory Overhead Prepare the journal entry to allocate (close) overapplied or underapplied overhead to Cost of Goods Sold. View transaction list