QS 19-18 (Algo) Computing and recording 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 $1,042,600, and direct labor cost is $642,000. 1. Compute the under- or overapplied overhead. 2. Prepare the journal entry to close over- or underapplied overhead to Cost of Goods Sold. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the under- or overapplied overhead. Total actual overhead cost Total applied overhead cost