A company applies overhead at a rate of 150% of direct labor cost. Actual overhead cost for the current period is $1,000,300, and direct labor cost is $657,000. 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. Compute the under- or overapplied overhead. repare 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