QS 19-12 Entry for over- or underapplied overhead LO P4 A company's Factory Overhead T-account shows total debits of $634,000 and total credits of $686,000 at the end of the year. Determine whether there is over- or underapplied overhead using the T-account below. X Answer is not complete. Factory Overhead 634,000 686,000 Actual overhead Applied overhead Overapplied overhead X 52,000 104,000 Prepare the journal entry to close the balance in the Factory Overhead account to Cost of Goods Sold. No Transaction General Journal Debit Credit