A company applies overhead at a rate of 200% of direct labor cost. Actual overhead cost for the current period is $1,254,500 direct labor cost is $618,000. 1. Compute the under-or overapplied overhead. 2. Prepare the journal entry to close over- or underapplied overhead to Cost of Goods Sold. Answer is not complete. Complete this question by entering your answers in the tabs below. Compute the under- or overapplied overhead