Comprehensive Accounting Seminar (ACCT 4550) - Spring 2022 In-class Research Activities (5): 10 marks Time: 20 Minutes Group No: The ABC Company has the following data for 2020: Direct Labor $220,000 Direct Material 137,800 Actual Overhead 320,000 Applied Overhead 395,000 Raw Material 51,394 Work in Process 101,926 Finished Goods 111,192 Cost of Goods Sold 250,182 What is the amount of under- or overapplied overhead? Prepare the necessary journal entry to dispose of under- or overapplied overhead