A company applies overhead at a rate of 190% of direct labor cost. Actual overhead cost for the current period is $1,255,500, and direct labor cost is $651,000. 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. Total actual overhead cost Total applied overhead cost