Match each terms listed in the dropdown to its descriptions Terms Descriptions a. Production of products in response to customer orders. b. Production activities for a customized product. c. A system that records manufacturing costs d. The expected selling price of a job minus its desired profit. e. Production of more than one unit of a custom product Cost accounting system Job Job lot Job order production The following information is available for Lock-Tite Company, which produces special-order security produc costing system. April 30 May 31 $ $51,000 11,800 71,000 68,000 24,500 51,600 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 226,000 377,000 31,000 96,000 136,000 1,560,000 70% Determine whether there is over or underapplied overhead. Actual overhead Factory Overhead 263,000 196,700 Applied overhead Underapplied overhead 66,300