Actual indirect materials costs Actual indirect labor costs Other overhead costs Overhead applied Storm Concert Promotions $11,200 55,500 16,400 90,300 Valle Home Builders $ 6,200 45,800 48,900 95,000 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 Applied overhead Direct labor cost Estimated overhead term GJ Storm Indirect labor Journal entry worksheet Factory OH Storm GJ Storm Factory OH Valle GJ Valle Determine whether overhead is overapplied or underapplied. Factory Overhead-Valle Applied overhead Direct labor cost Estimated overhead Indirect labor GJ Storm GJ Valle > Journal entry worksheet 1 Record the entry to close underapplied/overapplied overhead for Valle Home Builders. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 Record entry Clear entry View general journal