Actual indirect materials costs Actual indirect labor costs Other overhead costs Overhead applied Storm Concert Valle Home Promotions Builders $12,000 $ 6,000 56,400 47,000 17,900 49,100 92,900 97,000 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. Complete this question by entering your answers in the tabs below.