QS 15-11 Entry for over- or underapplied overhead LO P4

A company applies 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 $550,000. Determine whether there is over- or underapplied overhead using the T-account below.

Prepare the journal entry to close over- or underapplied overhead to cost of goods sold.