Star Promotions 1-a. Determine whether overhead is overapplied or underapplied. 1-b. Prepare the journal entry to allocate (close) overapplied or underapplied overhead to Cost of Goods Sold. Valle Builders 2-a. Determine whether overhead is overapplied or underapplied. 2-b. Prepare the journal entry to allocate (close) overapplied or underapplied overhead to Cost of Goods Sold. Determine whether overhead is overapplied or underapplied. Journalentry worksheet Record the entry to close underapplied/overapplied overhead for Star Promotions. Note: Enter debits before credits. Determine whether overhead is overapplied or underapplied. Record the entry to close underapplied/overapplied overhead for Valle Builders. Note: Enter debits before credits