A company's Factory Overhead account shows total debits of $639,000 and total credits of $661,500 at the end of the year. 1. Compute the under-or overapplied overhead. 2. Prepare the journal entry to close the balance in the Factory Overhead account to Cost of Goods Sold. Complete this question by entering your answers in the tabs below. Compute the under- or overapplied overhead. A company's Factory Overhead account shows total debits of $639,000 and total credits of $661,500 at the end of the year. 1. Compute the under-or overapplied overhead. 2. Prepare the journal entry to close the balance in the Factory Overhead account to Cost of Goods Sold. Complete this question by entering your answers in the tabs below. Prepare the journal efiry to close the balance in the Factory Overhead account to Cost of Goods Sold. Journal entry worksheet Record the entry to close the balance in the Factory Overhead account