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A company applies overhead at a rate of 160% of direct labor cost. Actual overhead cost for the current period is $1,042,600, and direct labor

A company applies overhead at a rate of 160% of direct labor cost. Actual overhead cost for the current period is $1,042,600, and direct labor cost is $642,000. 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 2 > Journal entry worksheet < A Record the entry to close over- or underapplied overhead. Note: Enter debits before credits. Transaction General Journal Debit. Credit Record entry Clear entry View general journal

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