The following information is available for Lock-Tite Company, which produces special-order security products and usees a job order costing system April 30 May 31 Inventories Raw materials Work in process Finished goods Activities and information for May Raw materials purchases Factory payroll (paid with cash) $45,500 57,000 22,300 40,600 10,700 65,500 (paid with cash) 215,000 355,000 Factory overhead Indirect materials 20,000 Indirect labor 85,000 125,000 Other overhead costs Sales (received in cash) 1,450,000 Predetermined overhead rate based on direct labor cost 80% Determine whether there is over or underapplied overhead. Factory Overhead