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 Required Required 2 > 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 Prepare the journal entry to close over- or underapplied overhead to Cost of Goods Sold. View transaction list ES Journal entry worksheet > Record the entry to close over- or underapplied overhead. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 Record entry Clear entry View general journal