lead cost for the current period is $1,118,100, and direct labor cost is $612,000. 1. Compute the under- or overapplied overhead. 2. Prepare the journal entry to close over- or underapplied overhead to Cost of Goods Sold. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the under- or overapplied overhead. Factory Overhead Direct labor cost 612,000 Applied overhead 1,224,000 Required 1 Required 2 A company applies overhead at a rate of 180% of direct labor cost. Actual overhead cost for the current period is $1,118,100, and direct labor cost is $612,000. 1. Compute the under- or overapplied overhead. 2. Prepare the journal entry to close over- or underapplied overhead to Cost of Goods Sold. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the under- or overapplied overhead. Factory Overhead Direct labor cost 612,000 Applied overhead 1,224,000