A company applies overhead at a rate of 160% of direct labor cost. Actual overhead cost for the current period is $882,000, and direct labor cost is $520,000. Determine whether there is over- or underapplied overhead using the T-account below. Answer is not complete. Actual overhead Factory Overhead 882,000 832,000 50,000 Overhead applied Underapplied overhead Prepare the journal entry to close over- or underapplied overhead to cost of goods sold. No Transaction General Journal Debit Credit