QS 15-18 (Static) 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 $950,000, and direct labor cost is $600,000. 1. Compute the under- or overapplied overhead. 2. Prepare the journal entry to close over- or underapplied overhead to Cost of Goods Sold. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the under- or overapplied overhead. Factory Overhead Required 1 Required 2 > View transaction list Journal entry worksheet Record the entry to close over- or underapplied overhead. Note: Enter debits before credits Transaction 1 General Journal Debit Credit Record entry Clear entry + View general journal