company allocates overhead at a rate of 160% of direct labor cost. Actual overhead cost for the current period is $1,190,000, and direct labor cost is $565,000. Determine whether there is over- or underapplied overhead using the T-account below. Factory Overhead Prepare the entry to close over- or underapplied overhead to cost of goods sold. View transaction list Journal entry worksheet Record the entry to close over- or underapplied overhead. Prepare the entry to close over- or underapplied overhead to cost of goods sold. View transaction list Journal entry worksheet Record the entry to close over- or underapplied overhead. Note: Enter debits before credits Transaction General Journal Debit Credit Record entry Clear entry View general journal