Closing Under- and Overapelied Overhead at Year-End Phillips Products, Inc. had a remaining credit balance of $10,000 in its under- and overapplied factory overhead account at year-end. It also had year-end balances in the following accounts: $ 25,000 5,000 85,000 Cost of Goods Sold Required: Hide 1. Prepare the closing entry for the $10,000 of overapplied overhead, assuming that the balance is not considered to be material