Hamilton Company applies manufacturing overhead costs to products based on direct labor hours. The company estimates manufacturing overhead cost for the year to be $290,000 and direct labor hours to be 20,000. Actual overhead and actual direct labor hours for the year were $360,000 and 26,000 hours, respectively. Required: 1. Compute over- or underapplied overhead. 2a. Which accounts will be affected by the over- or underapplied manufacturing overhead? 2b. Will the accounts be increased or decreased to adjust for the over- or underapplied manufacturing overhead? Complete this question by entering your answers in the tabs below. Req 1 Req 2A Req 28 Compute over- or underapplied overhead. Note: Do not round your intermediate calculations. Manufacturing overhead Req 1 Req 2A > Hamilton Company applies manufacturing overhead costs to products based on direct labor hours. The company estimates manufacturing overhead cost for the year to be $290,000 and direct labor hours to be 20,000. Actual overhead and actual direct lab hours for the year were $360,000 and 26,000 hours, respectively. Required: 1. Compute over- or underapplied overhead. 2a. Which accounts will be affected by the over- or underapplied manufacturing overhead? 2b. Will the accounts be increased or decreased to adjust for the over- or underapplied manufacturing overhead? Complete this question by entering your answers in the tabs below. Req 1 Feq 2A Req 28 Which accounts will be affected by the over- or underapplied manufacturing overhead? Note:Select all that apply. Cost of Goods Sold Manufacturing Overhead Finished Goods Inventory Selling and Administrative Overhead Marketing and Distribution Overhead Hamilton Company applies manufacturing overhead costs to products based on direct labor hours. The company estimates manufacturing overhead cost for the year to be $290,000 and direct labor hours to be 20,000. Actual overhead and actual direct labor hours for the year were $360,000 and 26,000 hours, respectively. Required: 1. Compute over- or underapplied overhead. 2a. Which accounts will be affected by the over- or underapplied manufacturing overhead? 2b. Will the accounts be increased or decreased to adjust for the over- or underapplied manufacturing overhead? Complete this question by entering your answers in the tabs below. Req 1 Req 2A Req 28 Will the accounts be increased or decreased to adjust for the over- or underapplied manufacturing overhead? Note: Do not round your intermediate calculations