Calculate under- or overapplied MOH and prepare journal entry and create and post transactions to T-accounts. It was year-end and time for the Sweltzer Co. accountant to address its MOH costs. Throughout the year, the company incurred actual MOH costs of $237,000. Its budgeted MOH costs were very close to this, at $225,000. Using a budgeted MOH rate of $1.50 per direct labor dollar, the company applied MOH cost to production after recognizing $140,000 in direct labor cost. Determine whether MOH was under- or overapplied this year and by how much, and record the journal entry to write off this difference directly to Cost of Goods Sold.