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. Answer is not complete. Overhead applied Factory Overhead 1,050,000 816,000 234,000 Estimated Underapplied overhead Prepare the journal entry to close over- or underapplied overhead to cost of goods sold. Answer is complete and correct. No Transaction General Journal Debit Credit