A company applies overhead at a rate of 150% of direct labor cost. Actual overhead cost for the current period is $951,500, and direct labor cost is $585,000. Determine whether there is over- or underapplied overhead using the T-account below. Prepare the journal entry to close over- or underapplied overhead to cost of goods sold. Journal entry worksheet Record the entry to close over- or underapplied overhead. Note: Enter debits before credits. A company's Factory Overhead account shows total debits of $622,000 and total credits $7756,000 at the end of the year. Determine whether there is over- or underapplied overhead using the T-account below. Prepare the journal entry to close the balance in the Factory Overhead account to Cost of Goods Sold. Journal entry worksheet Record the entry to close the balance in the Factory Overhead account. Note: Enter debits before credits. Match each terms listed in the dropdown to its descriptions