QS 15-11 Entry for over- or underapplied overhead LO P4 A company applies overhesd at a rate of 155% of direct labor cost. Actual overhead cost for the current period is $1,110,000, and direct labor cost is $555,000. Determine whether there is over- or underapplied overhead using the T-sccount below. Factory Overhead 1,110,000 860,250 Overhead applied Actual overhead 249.750 Prepare the journal entry to close over- or underapplied overhead to cost of goods sold. View transaction at Journal entry worksheet A Record the entry to close over- or underapplied overhead. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general Journal