Question: QS 15-11 Entry for over- or underapplied overhead LO P4 A company applles overhead at a rate of 160% of direct labor cost. Actual overhead

QS 15-11 Entry for over- or underapplied overhead LO P4 A company applles overhead at a rate of 160% of direct labor cost. Actual overhead cost for the current period is $880,000, and direct labor cost is $510,000 Determine whether there is over- or underapplied overhead using the T-account below. Factory Overhead Direct labor cost Actual overhead Estimated overhead Prepare the journal entry to close over- or underapplied 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 1

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