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. Actual overhead Factory Overhead Underapplied overhead (Required 1 Required 2 >