WS 15-17 Entry tor over- or underapplied overhead LU P4 A company allocates overhead at a rate of 160% of direct labor cost. Actual overhead cost for the current period is $1,110,000, and direct labor cost is $565,000. Determine whether there is over- or underapplied overhead using the T-account below. Factory Overhead View transaction list Journal entry worksheet Record the entry to close over- or underapplied overhead. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal