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. 156/2 points warded Factory Overhead 950,000 900,000 Actual overhead Overhead applied Underapplied overhead Scored 50,000 Overhead applied X 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 Debit Credit 1 1 General Journal Cost of goods sold Underapplied Overhead 50,000 3 50,000