Exercise 3-9 (Algo) 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 $3.00 per machine-hour was based on a cost formula that estimates $258,000 of total manufacturing overhead for an estimated activity level of 86,000 machine-hours. Required: 1. Assume that during the year the company works only 81,000 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. 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. Req 1 Req 2A Req 2B 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 (Maintenance) (Indirect materials) (Indirect labor) (Utilities) Debit 27,000 8,600 88,000 42,000 Credit (e) Work in Process Debit (Direct materials) 770,000 (Direct labor) (Overhead) (a) 96,000 Credit k chine-hours. Required: 1. Assume that during the year the company works only 81,000 machine-hours and incurs the following costs in the Manufactur Overhead and Work in Process accounts: Compute the amount of overhead cost that would be applied to Work in Process for t 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 overapplied overhead to Cost of Goods Sold Complete this question by entering your answers in the tabs below. nces Req 1 Req 2A Req 28 Compute the amount of underapplied or overapplied overhead for the year and show the balance in your Manufacturing Overhead T-account. manufacturing overhead Req 1 Req 2A Req 2B Prepare a journal entry to close the company's underapplied or overapplied overhead to Cost of Goods Sold. (If no entry is re transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet < Record the entry to close the balance of the manufacturing overhead account to COGS account. Note: Enter debits before credits. Event a. General Journal Debit Credit Record entry Clear entry View general Journal