5 A company applies overhead at a rate of 155% of direct labor cost. Actual overhead cost for the current period is $918,500, and direct labor cost is $550,000 Determine whether there is over or underapplied overhead using the Taccount below. Factory Overhead 918.500 Actual overhead 918,000 Prepare the journal entry to close over or underapplied overhead to cost of goods sold. View transactions Prepare the journal entry to close over or underapplied overhead to cost of goods sold. ook View transaction list Ent Journal entry worksheet Record the entry to close over- or underapplied overhead. Note: Enter debits before credits Transaction General Journal Debit Credit Record entry Clear entry View general Journal