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