Hamilton Company applies manufacturing overhead costs to products based on direct labor hours. The company estimates manufacturing overhead cost for the year to be $270,000 and direct fabor hours to be 20,000 . Actual overhead and actual direct labor hours for the year were $310,000 and 24,000 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. Compute over- or underapplied overhead. Note: Do not round your intermediate calculations