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A company applies overhead at a rate of 150% of direct labor cost. Actual overhead...

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Accounting

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A company applies overhead at a rate of 150% of direct labor cost. Actual overhead cost for the current period is $961,500, and direct labor cost is $595,000. Determine whether there is over- or underapplied overhead using the T-account below. Factory Overhead Prepare the journal entry to close over- or underapplied overhead to cost of goods sold. View transaction fist Journal entry worksheet A

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