The following information is available for Lock-Tite Company, which produces special-order security products and uses a job order costing system. April 30 May 31 Inventories Raw materials hork in process Finished goods $46,000 10,800 66,000 $58,000 22,500 41,600 Activities and information for May Raw materials purchases (paid with cash) Factory payroll (paid with cash) Factory overhead 216,000 357,000 Indirect materials Indirect labor Other overhead costs 21,000 86,000 126,000 1,460,000 Sales (received in cash) Predetermined overhead rate based on direct labor cost 758 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 Journal entry worksheet Record entry to allocate (close) underapplied/overapplied overhead to cost of goods sold