Storm Concert Valle Home Promotions $11,600 55,300 17,300 90,700 Builders $ 6,900 46,800 49,500 98,200 Actual indirect materials costs Actual indirect labor costs Other overhead costs Overhead applied Storm Concert Promotions Determine whether overhead is overapplied or underapplied. Prepare the journal entry to allocate (close) overapplied or underapplied overhead to Cost of Goods Sold. Valle Home Builders Determine whether overhead is overapplied or underapplied. Prepare the journal entry to allocate (close) overapplied or underapplied overhead to Cost of Goods Sold. Determine whether overhead is overapplied or underapplied. Factory Overhead-Storm Record the entry to close underapplied/overapplied overhead for Storm Concert Promotions. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 Determine whether overhead is overapplied or underapplied. Factory Overhead-Valle Record the entry to close underapplied/overapplied overhead for Valle Home Builders. Note: Enter debits before credits. Transaction General Journal Debit Credit 1