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A company applies overhead at a rate of 180% of direct labor cost. Actual overhead cost for the current periad is $1,151,000, and direct labor cost is $630,000 1. Compute the under-or overapplied overhead. 2. Prepare the journal entry to close over- or underapplied overhead to Cost of Goods Soid. Complete this question by entering your answers in the tabs below. Compute the under- or ovgrapplied overhead. Record the entry to close over- or underapplled overhead. Note: Enter debits before credits