Storm Concert Promotions Valle Home Builders Actual indirect materials costs $ 11,900 $ 7,200 Actual indirect labor costs 55,200 46,800 Other overhead costs 17,300 48,300 Overhead applied 91,300 97,800 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.