QS 15-11 Entry for over-or underapplied overhead LO P4 A company applies overhead at a rate of 155% of direct labor cost. Actual overhead cost for the current period is $854750, and direct labor cost is $505,000 Determine whether there is over-or underapplied overhead using the T-account below. Prepare the journal entry to close over-or underapplied overhead to cost of goods sold. Journal entry worksheet Record the entry to close over- or underapplied overhead. Note: Enter debits before credits