3 10 points Save As Harwood Company uses a job-order costing system. Overhead costs are applied to jobs on the basis of machine-hours. At the beginning of the year, management estimated that 80,000 machine-hours would be required for the period's estimated level of production. The company also estimated $128,000 of fixed manufacturing overhead expenses for the coming period and variable manufacturing overhead of $0.80 per Manufacturing overhead machine-hour $21,000 2 8,000 60,000 32,000 7,000 56,000 710,000 (DM) Work in proces 90,000 (DL) 7 () Required 3 Compute the amount of underapplied or overappled overhead for the year and show the balance in your Manufacturing Overhead T-account. Prepare a journal entry to close out the balance in this account to Cost of Goods Sold