Saved Help Save & Exit Submi 22 A company applies overhead at a rate of 155% of direct labor cost. Actual overhead cost for the current period is $1,130,000, and direct labor cost is $525,000. Determine whether there is over- or underapplied overhead using the T-account below. 8 00:14:43 Factory Overhead Actual overhead Overhead applied eBook Prepare the journal entry to close over- or underapplied overhead to cost of goods sold. View transaction list