A company applies overhead at a rate of 180% of direct labor cost. Actual overhead cost for the current period is $1,151,000, and direct labor cost is $630,000. 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. Actual overhead Factory Overhead 1,151,000 113,400 Overapplied overhead Applied overhead Underapplied overhead 17,000