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 $176,000 in manufacturing overhead costs and work 80,000 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 70,300 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 Manufacturing Overhead 19 200 (Direct materials) (Maintenance) (Indirect matenais) (Indirect labour) 665,700 85,200 7,500 55,000 (Direct labour) (Overhead) 30.000 (Utilities) (Insurance) (Depreciation) 6,500 52 500 3-a. Compute the amount of under- or overapplied overhead for the year and show the balance in your manufacturing overhead T-account overhead 15 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 1 Record entry to write off over or underapplied overhead to cost of goods sold. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 Record entry Clear entry View general joumal