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 $280 per mochine-hour was based on a cost formula that estimates $232,400 of total manufacturing overhead for an estimated activity level of 83,000 machine hours. Required: 1. Assume that during the year the compony works only 78,000 mochine-hours and incurs the following costs in the Manufacturing Overhead and Work in Process accounts: Compute the amount of overheed 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 overapplled overhead for the year and show the balance in your Manufacturing Overhead T-account. 28. Prepare a joumal 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. Compute the amount of overhead cost that wouid be appied to Work in Process for the year and make the entry in your.T-accounts: 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 $2.80 per machine-hour was based on a cost formula that estimates $232,400 of total manufacturing overhead for an estimated activity level of 83,000 machine-hours. Required: 1. Assume that during the year the company works only 78,000 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. Compute the amount of underapplied or overapplied overhead for the year and show the balance in your Manufacturing Overhead T-aceount. Prepare a journal entry to close the company's underapplied or overapplied overhead to Cost of Goods Sold. transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet Record the entry to close the balance of the manufacturing overhead account to COGS account. Note: Enter debits before credits