8 value: 10.00 points 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 machine-hour Required 1. Compute the company's predetermined overhead rate. (Round your answer to 2 decimal places.) ined overhe 2. 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 given below: (Round your intermediate calculations to 2 decimal places.) Work in Process (Maintenance) (Indirect materials) (Indirect labor) (Utilities) (Insurance) (Depreciation) Manufacturing Overhe 21,000 8,000 60,000 32,000 7,000 56,000 (Direct materials) (Direct labor (Overhead) 710,000 90,000