Actual indirect materials costs $ 11,600 $ 7,100 Actual indirect labor costs 56,700 46,500 Other overhead costs 17,400 49,500 Overhead applied 93,700 97,300 Storm Concert Promotions Determine whether overhead is overapplied or underapplied. Prepare the journal entry to allocate (close) overapplied or underapplied overhead to Cost of Goods Sold. Valle Home Builders Determine whether overhead is overapplied or underapplied. Prepare the journal entry to allocate (close) overapplied or underapplied overhead to Cost of Goods Sold.