S 15-18 (Algo) Computing and recording over- or underapplied overhead LO P4 A company applies overhead at a rate of 170% of direct labor cost. Actual overhead cost for the current period is $1,081,900, and direct labor cost is $627,000. 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 View transaction list Journal entry worksheet A Record the entry to close over- or underapplied overhead. < Prev 24 of 32 H www Next > A company's Factory Overhead account shows total debits of $660,000 and total credits of $683,200 at the end of the year. 1. Compute the under- or overapplied overhead. 2. Prepare the journal entry to close the balance in the Factory Overhead account 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 Prepare the journal entry to close the balance in the Factory Overhead account to Cost of Goods Sold. View transaction list Journal entry worksheet < A Record the entry to close the balance in the Factory Overhead account. Note: Enter debits before credits. Transaction General Journal Debit Credit >