omework Saved A company applies overhead at a rate of 160% of direct labor cost. Actual overhead cost for the current period is $1,030,000, and direct labor cost is $595,000. Determine whether there is over- or underapplied overhead using the T-account below. Factory Overhead ces Prepare the journal entry to close over- or underapplied overhead to cost of goods sold. View transaction list Journal entry worksheet Prepare the journal entry to close over- or underapplied overhead to cost of goods sold. View transaction list Journal entry worksheet ok