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 the T-account below. Factory Overhead Actual overhead 950,000 Overapplied overhead 950,000 Prepare the entry to close over-or underapplied overhead to cost of goods sold. View transaction list View journal entry worksheet No Transaction General Journal Debit Credit Cost of goods sold