QS 19-11 Entry for over- or underapplied overhead LO P4 A company allocates overhead at a rate of 160% of direct labor cost. Actual overhead cost for the current period is $1,100,000, and direct labor cost is $570,000 Determine whether there is over- or underapplied overhead using the T-account below. Answer is not complete. Factory Overhead 1,100,000 912,000 Overhead applied Actual overhead 188 000 Prepare the entry to close over or underapplied overhead to cost of goods sold. Answer is complete and correct. Credit General Journal No Transaction Debit 188,000 Cost of goods sold Factory overhead 188,000