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 companys 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 folowing 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 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 Overhead Work in Process 770,000 96,000 27,000 Requirea: 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 28 Compute the amount of cess ar and make the entry in your T-accounts in 27.000 (Direct 770,000 96,000 88,000 42.000 7,600 76,000 (Indirect labor) (Insurance) Req 2A > 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 28 Compute the amount of underapplied or overapplied overhead for the year and show the balance in your Manufacturing Overhead T-account from Req 1. Journal entry worksheet Record the entry to close the balance of the manufacturing overhead account to COGS account. Note: Enter debits before credits Event General Journal Debit Credit Record entry Clear entry View general journal Req 2A