Hamilton Company applies manufacturing overhead costs to products based on direct labor hours. The company estimates manufacturing overhead cost for the year to be $276,000 and direct labor hours to be 20,000. Actual overhead and actual direct labor hours for the year were $325,000 and 24,600 hours, respectively. Required: 1. Compute over- or underapplied overhead. 20. 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 2B Compute over- or underapplied overhead. Manufacturing overhead