Exercise 3-9 Applying Overhead; T-accounts; Journal Entries (LO3-1, LO3-2, L03-4) 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 $2.90 per machine-hour was based on a cost formula that estimates $246,500 of total manufacturing overhead for an estimated activity level of 85,000 machine-hours. Required: 1. Assume that during the year the company works only 80,000 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. 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. Reg 1 Req 2A Reg 28 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 (Maintenance) 26,000 (a) (Direct materials) 700.000 (Indirect materials) 8,500 (Direct labor) 95,000 (Indirect labor) 86,000 (Overhead) (a) (Utilities) 37,000 (Insurance) 7,500 (Depreciation) 72,000 Balance Help Save & EN 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 $2.90 per machine-hour was based on a cost formula that estimates $246,500 of total manufacturing overhead for an estimated activity level of 85,000 machine-hours. Required: 1. Assume that during the year the company works only 80,000 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 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. Reg1 Reg 2A Reg 20 Compute the amount of underapplied or overapplied overhead for the year and show the balance in your Manufacturing Overhead T-account from Reg 1. manufacturing overhead Prey 1 of 3 !!! Next > search O RI E Dll dx Prisen 18 Home End Voup SY & % 5 4 6 7 8 9 0 E R. T Y U O P D F G . KL C V B NM Complete this question by entering your answers in the tabs below. 1 Reg 1 Req 2A Reg 2B 0 oints Prepare a journal entry to close the company's underapplied or overapplied overhead to Cost of Goods Sold. (If no entry is required for a transaction/event, select "No journal entry required" in the first account feld.) View transaction list References Journal entry worksheet > Record the entry to close the balance of the manufacturing overhead account to COGS account Note: Enter debits before credits General Journal Debit Credit Event 1 Record entry Clear entry View general Journal