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 $585,000.

Determine whether there is over- or underapplied overhead using the T-account below.

05 19-11 Entry for over or underapplied overhead LO P4 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 $585,000. Determine whether there is over- or underapplied overhead using the T-account below. Overhead Prepare thejournal 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. View general journal