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as 15-18 (Algo) Computing and recording over or underapplied overhead LO P4 A company applies overhead at a rate of 150% of direct labor cost. Actual overhead cost for the current period is $1,000,300, and direct labor cost is $657000. 1. Compute the under or overopplied overhead, 2. Prepare the journal entry to close over- or underapplied overhead to Cost of Goods Sold. nt Complete this question by entering your answers in the tabs below. ence Required 1 Required 2 Compute the under or overapplied overhead Factory Overhead Actual overhead 1.000,300 Red Required 2 > Journal entry worksheet A Record the entry to close over- or underapplied overhead. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 Record entry Clear entry View general Journal