11 A company allocates overhead at a rate of 150% of direct labor cost. Actual overhead cost for the current period is $950,000, and direct labor cost is $600,000. Determine whether there is over- or underapplied overhead using T-account 1.56/2 points awarded Actual overhead Factory Overhead 950,000 900,000 Scored Overhead applied Underapplied overhead 50,000 Overhead applied "Red text indicates no response was expected in a celor a formula based calculation is incorrect; no points deducted. Prepare the entry to close over- or underapplied overhead to cost of goods sold. No Event 1 1 Credit General Journal Cost of goods sold Underapplied Overhead Debit 50,000 50,000