Exercise 3.9 Applying Overhead;: T-accounts; Journal Entries [L03-1, LO3-2. LO3-4) on the basis of machine-hours. The companys head rate of $2.50 per machine-hour was based on a cost formula that estimates $240,000 of total manufacturing Harwood Company uses a job-order costing system that applies overhead c overhead for an estimated activity level of 96,000 machine-hours Required ost to jobs 1. Assume that during the year the com pany works only 91,000 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 th e amount of underapplied or overapplied overhead for the year and show the balance in your Manuf 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. Work in Process 870,000 106,000 Manufacturing Overhead 37,000 9600 76,000 43,000 8,600 57,000 Direct materials) (Direct labor) (Overhead) (a) (Maintenance) Indrect materials) Indirect labor) (Utilities) (Insurance (Depreciation) Balance Req 2A