5 LO Harwood Company uses a job-order costing system that applies overhead cost to jobs on the basis of machine-hours. The company's predetermined overhead rate of $2.40 per machine-hour was based on a cost formula that estimates $192,000 of total manufacturing overhead for an estimated activity level of 80,000 machine-hours. Required: 1. Assume that during the year the company works only 75,000 machine-hours and incurs the following costs in the Manufacturing Overhead and Work in Process accounts: Compute the amount of overhead cost that would be applied to Work in Process for the year and make the entry in your T-accounts. 2A. Compute the amount of underapplied or overapplied 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 overappled overhead to Cost of Goods Sold. Complete this question by entering your answers in the tabs below. Red Req 2A Req 20 Compute the amount of overhead cost that would be applied to Work in Process for the year and make the entry in your T-accounts. (Maintenance) (Indirect materials) Manufacturing Overhead 21,000 8,000 (a) (Indirect labor) 60,000 (U) 32,000 (Insurance) 7,000 (Depreciation) 56,000 Balance (Direct materials) (Direct labor) (Overhead)(a) Work in Proce 710,000 90.000 1 2A > Check my work