A company applies overhead at a rate of 150% of direct labor cost. Actual overhead cost for the current period is $945,500, and direct labor cost is $621,000 1. Compute the under or overapplied overhead 2. Prepare the journal entry to close over- or underapplied overhead to Cost of Goods Sold. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the under- or overapplied overhead. Factory Overhead Actual overhead BE Roured Required 2 > View transactions Journal entry worksheet Record the entry to close over-'or underapplied overhead. Note: Enter debits before credits Transaction Debit Credit General Journal Cost of goods sold Factory overhead Record entry Clear entry View general Journal