A company applies overhead at a rate of 155% of direct labor cost Actual overhead cost for the current period is $925,000, and direc labor cost is $560,000 Determine whether there is over-or undprapplied overhead using the T-account below. Prepare 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