Actual indirect materials costs $ 22,000 $ 12,500 Actual indirect labor costs 46,000 46,500 Other overhead costs 17,000 47,000 Overhead applied 88,200 105,200 Storm Concert Promotions Determine whether overhead is overapplied or underapplied. Prepare the journal entry to allocate (close) overapplied or underapplied overhead to Cost of Goods Sold. Valle Home Builders Determine whether overhead is overapplied or underapplied. Prepare the journal entry to allocate (close) overapplied or underapplied overhead to Cost of Goods Sold.