A company's Factory Overhead account shows total debits of $660,000 and total credits of $683.200 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. Factory Overhead Prepare the journal entry to close the balance in the Factory Overhead account to Cost of Goods Sold. View transaction list Journal entry worksheet Record the entry to close the balance in the Factory Overhead account. Note: Enter debits before credits. Transaction General Journal Debit Credit 1