A company applies overhead at a rate of 160% of direct labor cost. Actual overhead cost for the current period is $1,050,000, and direct labor cost is $510,000 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. SAYA - Saved S 19-7, QS 19-11 and Exercise 19-15 0 Journal entry worksheet Record the entry to close over- or underapplied overhead. Note: Enter debits before credits. Debit Credit Transaction General Journal View general journal Clear entry Record entry