QS 15-11 Entry for over- or underapplied overhead LO P4 A company allocates overhead at a rate of 150% of direct labor cost. Actual overhead cost for the current period is $1,110,000, and direct labor cost is $570,000. 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