A company allocates overhead ot a rate of 155% of direct labor cost. Actual overhead cost for the current period is $1,050,000, and direct labor cost is $570,000. Determine whether there is over- or underappled overhead using the T-account below. Factory Overhead Prepare the entry to close over or underapplied overhead to cost of goods sold. View transaction list Journal entry worksheet Record the entry to close over- or underapplied overhead. Note: Enter debita before credits Transaction General Journal Debit Credit Prepare the entry to close over- or underapplied overhead to cost of goods sold. View transaction list Journal entry worksheet Record the entry to close over or underapplied overhead. Note: Enter debits before credits Transaction General Journal Debit Credit View general Journal Record entry Clear entry