14 A company applies overhead at a rate of 160% of direct labor cost. Actual overhead cost for the current period is $929,000, and direct labor cost is $540,000. Determine whether there is over- or underapplied overhead using the T-account below. 8 01:05:52 Factory Overhead Prepare the journal entry to close over- or underapplied overhead to cost of goods sold. View transaction list Journal entry worksheet A > Record the entry to close over- or underapplied overhead. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 Record entry Clear entry View general Journal