S 19-19 (Algo) Computing and recording over- or underapplied overhead LO P4 A company's Factory Overhead account shows total debits of $657,000 and total credits of $680,100 at the end of the year. 1. Compute the under- or overapplied overhead. 2. Prepare the journal entry to close the balance in the Factory Overhead account 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 Required 1 Required 2 Prepare the journal entry to close the balance in the Factory Overhead account to Cost of Goods Sold. View transaction list Journal entry worksheet < A Record the entry to close the balance in the Factory Overhead account. Note: Enter debits before credits. Transaction 1 General Journal Debit Credit Record entry Clear entry View general journal