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2B. Prepare a journal entry to close the company's underapplied or overapplied overhead to Cost of Goods Sold. Complete this question by entering your answers

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2B. Prepare a journal entry to close the company's underapplied or overapplied overhead to Cost of Goods Sold. Complete this question by entering your answers in the tabs below. Compute the amount of underopplied or overapplied overhead for the year and stiow the balance in your Menufacturing Overhead T-account. Journal entry worksheet Record the entry to close the bolance of the manu'acturing overhead account to cocs account. Noten fnter debits belore aedts Complete this question by entering your answers in the tabs below. Complete this question.by entering your answers in the tabs below. Prepare a journal entry to close the company's underapplied or overapplied averheod to Cost of Goods Sold. (If no entry is required for a transaction/event, select "No journal entry required" in the first account feld.) Journal entry worksheet Record the entry to close the balance of the manufacturing overhead account to coGs account. Harwood Company uses a job-order costing system that applies overhead cost to jobs on the basis of machine-hours. The companys predetermined overhead'rate of $2.30 per machine-hour was based on a cost formula that estimates $225,400 or total manufacturing overhead for an estimated activity level of 98,000 machine-hours. Required: 1. Assume that during the year the company works only 93,000 machine-hours and incurs the following costs in the Manufacturing Overhead and Work in Process accounts: Compute the omount of overhead cost that would be opplied to Work in Process for the year and make the entry in your T-accounts. 2A. Compute the amount of underapplied or overopplied overhead for the year and show the balance in your Manufacturing Overhead T-account. 28. Prepare a journal entry to close the company's underapplied or overapplied overhend to Cost of Goods Sold. Complete this question by entering your answers in the tabs below. Prepare a journal entry to close the company's underapplied or overopplied overhead to cost of Goods Sold. (if no entry is raquired for a transaction/avent, select "No journal entry required" in the first account fiold.)

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