OS 15-11 Entry for over- or underapplied overhead LO P4 A company allocates overhead at a rate of 155% of direct labor cost. Actual overhead cost for the current period is $1.200,000, and direct labor cost is $530,000 Determine whether there is over- or underappled overhead using the T-account below. Factory Overhead Actual overhead Prepare the entry to close over- or underappiled overhead to cost of goods sold. 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 C lear entry View general journal