A company applies overhead at a rate of 160% of direct labor cost. Actual overhead cost for the current period is $979,000 and direct labor cost is $ 570.000. Determine whether there is over or underapplied overhead using the T-account below.

A company applies overhead at a rate of 160% of direct labor cost. Actual overhead cost for the current period is $979,000, and direct labor cost is $570,000 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 A Record the entry to close over- or underapplied overhead. Note: Enter debits before credits Transaction General Joumal Debit Credit Record entry Clear entry View general journal