Check Exercise 3-9 Applying Overhead; T-accounts; Journal Entries [LO3-1, LO3-2, LO3-4] 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 $2.20 per machine-hour was based on a cost formula that estimates $202,400 of total manufacturing overhead for an estimated activity level of 92,000 machine-hours. 20 points Required: 1. Assume that during the year the company works only 87,000 machine-hours and incurs the following costs 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. the Manufacturing eBook Hint 2B. Prepare a journal entry to close the company's underapplied or overapplied overhead to Cost of Goods Sold. Print Complete this question by entering your answers in the tabs below. References Req 2A Req 2B Req 1 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 Manufacturing Overhead Work in Process 830,000 102,000 (Maintenance) 33.000 (a' (Direct materials) 9,200 (Indirect materials) (Direct labor) (Overhead) (a) (Indirect labor) 60.000 (Utilities) 44,000 (Insurance) 8,200 40,000 (Depreciation) Balance LO