Actual indirect materials costs Actual indirect labor costs Other overhead costs Overhead applied Storm Concert Promotions $12,800 55,900 17,100 93,900 Valle Home Builders $ 7,200 46,000 49,800 99,000 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. Factory OH Storm GJ Storm Factory OH Valle GJ Valle Determine whether overhead is overapplied or underapplied. Factory Overhead-Storm Journal entry worksheet A Record the entry to close underapplied/overapplied overhead for Storm Concert Promotions. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 Determine whether overhead is overapplied or underapplied. Factory Overhead-Valle Journal entry worksheet Record the entry to close underapplied/overapplied overhead for Valle Home Builders. Note: Enter debits before credits. Transaction General Journal Debit Credit 1