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 $ $50,000 11,600 70,000 66,000 24,100 49,600 Inventories Raw materials Work in process Finished goods Activities and information for May Raw materials purchases (paid with cash) Factory payroll (paid with cash) Factory overhead Indirect materials Indirect labor Other overhead costs Sales (received in cash) Predetermined overhead rate based on direct labor cost 224,000 373,000 29,000 94,000 134,000 1,540,000 75% Determine whether there is over or underapplied overhead. Prepare the journal entry to allocate (close) overapplied or underapplied overhead Sold. Cost plete this question by entering your answers in the tabs below. Overhead Absorption General Journal Determine whether there is over or underapplied overhead. Factory Overhead TD General Journal > Journal entry worksheet Record entry to allocate (close) underapplied/overapplied overhead to cost of goods sold. Note: Enter debits before credits. Transaction General Journal Debit Credit RE Record entry Clear entry View general journal