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 $934000, and direct labor cost is $550.000 Determine whether there is over. or underapplied overhead using the T-account below Factory Overhead Prepare the journal entry to close over- or underapplied overhead to cost of goods sold, View transactions Journal entry ksheet A Record the entry to close over or underapplied overhead Note Unter debitore credits General Deb Transaction 1 Record entry Chrar astry View general