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A company applies overhead at a rate of 1 6 0 % of direct labor cost. Actual overhead cost for the current period is $

A company applies overhead at a rate of 160% of direct labor cost. Actual overhead cost for the current period is $1,013,400, and direct labor cost is $624,000.
1. Compute the under- or overapplied overhead.
2. Prepare the journal entry to close over- or underapplied overhead to Cost of Goods Sold.

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