10 QS 19-12 Entry for over- or underapplied overhead LO P4 the end of the year. 0.8/0.9 points awarded A company's Factory Overhead T-account shows total debits of $620,000 and total credits of $701,000 Determine whether there is over- or underapplied overhead using the T-account below. Scored Factory Overhead 620,000 701,000 Applied overhead Actual overhead eBook Hint 81,000 Overapplied overhead 162,000 x *Red text indicates no response was expected in a cell or a formula-based calculation is incorrect; no points deducted. Print Prepare the journal entry to close the balance in the Factory Overhead account to Cost of Goods Sold. No Transaction General Journal Debit Credit 1 1 Factory overhead 81,000 Cost of goods sold 81,000