Exerclse 3.9 (Algo) Applying Overhead; T-accounts; Journal Entrles [LO3-1, LO3-2, LO3-4] Harwood Compary uses a job-order costing systom that applies overhead cost to jobs on the basis of machine-hours. The companys predetermined overhead rate of $260 per machine-hour was based on a cost formula that estimates $257,400 of total manufacturing overhead for an estimated activity level of 99,000 machine-hours. Required 1. Assume that during the year the company works only 94,000 machine-hours and incurs the following costs in the Manufacturing Overhesd and Work in Process accounts: Compute the amount of overhesd cost that would be applled to Work in Process for the year and make the entry in your T-accounts 2A. Compute the amount of Aderapplied or overapplled overhesd for the year and show the balance in your Manufacturing Overhead T-account 2B. Prepare a joumai entry to close the company' underappled or overapplied overhead to Cost of Goods Sold. Exerclse 3.9 (Algo) Applying Overhead; T-accounts; Journal Entrles [LO3-1, LO3-2, LO3-4] Harwood Compary uses a job-order costing systom that applies overhead cost to jobs on the basis of machine-hours. The companys predetermined overhead rate of $260 per machine-hour was based on a cost formula that estimates $257,400 of total manufacturing overhead for an estimated activity level of 99,000 machine-hours. Required 1. Assume that during the year the company works only 94,000 machine-hours and incurs the following costs in the Manufacturing Overhesd and Work in Process accounts: Compute the amount of overhesd cost that would be applled to Work in Process for the year and make the entry in your T-accounts 2A. Compute the amount of Aderapplied or overapplled overhesd for the year and show the balance in your Manufacturing Overhead T-account 2B. Prepare a joumai entry to close the company' underappled or overapplied overhead to Cost of Goods Sold