01 Quiz i Saved Help Save & A company applies overhead at a rate of 190% of direct labor cost. Actual overhead cost for the current period is $1,220,700, and direct labor cost is $633,000. 1. Compute the under- or overapplied overhead. 2. Prepare the journal entry to close over- or underapplied overhead to Cost of Goods Sold. 3:53 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the under- or overapplied overhead. Factory Overhead Direct labor cost 633,000 Applied overhead 1,202,700 Actual overhead 1,220,700 Underapplied overhead