Harwood Company is a manufacturing firm that operates a job-order costing system. Overhead costs are applied to jobs on the basis of machine-hours. At the beginning of the year, management estimated that the company would incur $161,000 in manufacturing overhead costs and work 70,000 machine-hours. Required: 1. Compute the company's predetermined overhead rate, (Round your answer to 2 decimal places.) Predetermined overhead rate per MH 2. Assume that during the year the company works only 62,700 machine-hours and incurs the following costs in the manufacturing overhead and work-in-process accounts. Compute the missing amounts and show the balance in your manufacturing overhead T- account. (Do not round intermediate calculations.) Work in Process 594,000 75,400 (Direct materials) (Direct labour) (Overhead) Manufacturing Overhead 17,600 6,700 50,400 26,800 5.900 46.900 (Maintenance) (Indirect materials) (Indirect labour) (Utilities) (Insurance) (Depreciation 3-o. Compute the amount of under-or overapplied overhead for the year, and show the balance in your manufacturing overhead T. account overhead is 3-b. Prepare a general journal entry to close out the balance in this account to cost of goods sold. (If no entry is required for a particular transaction, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet