A company applies overhead at a rate of 155% of direct labor cost. Actual overhead cost for the current period is $915,750, and direct labor cost is $545,000 Determine whether there is over- or underapplied overhead using the T-account below. Factory Overhead Prepare the journal 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. Prepare the journal entry to close over- or underapplied overhead to cost of goods sold. View transaction list Journal entry worksheet A > Record the entry to close over- or underapplied overhead. Note: Enter debits before credits. General Journal Debit Credit Transaction 1 Record entry Clear entry View general Journal