QS 19-11 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 $993,250, and direct labor cost is $595,000 Determine whether there is over- or underapplied overhead using the T-account below. Actual overhead Factory Overhead 993. 250 + Overhead applied Underapphed overhead 993,250 Prepare the journal entry to close over- or underappled overhead to cost of goods sold. View transaction lit View journal entry worksheet Transaction General Journal Debit Credit No A Cost of goods sold Factory overhead