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BE8.5. Using Excel to Calculate Under- or Overapplied Student Work Area Overhead and Prepare Journal Entry Required: Provide input into cells shaded in yellow in this template. Use mathematical PROBLEM formulas with cell references to the Problem or work areas as indicated. It was year-end and time for the Sweltzer Co. accountant to address its manufacturing overhead (MOH) costs. Throughout the year, the MOH costs incurred by the company were very close to Determine whether MOH was under- or overapplied this year and by how much. its budgeted MOH costs. The company applies MOH based on direct labor dollars, and writes off any under- or overapplied Applied MOH overhead to Cost of Goods Sold. Information concerning the company's MOH and direct labor costs is provided here. Over- or underapplied amount Record the journal entry to write off under- or overapplied MOH. Actual MOH costs incurred $ 237,000 Budgeted MOH costs 225,000 Debit Credit Budgeted MOH rate 1.50 Actual direct labor costs 140,000