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 $132,000 in manufacturing overhead costs and work 60,000 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 51,500 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 (Direct materials) (Direct labour) 488,000 62.000 Manufacturing Overhead 14,300 5,500 41,400 22.000 4,800 38.500 (Maintenance) (Indirect materials) (Indirect labour) (Utilities) (Insurance) (Depreciation) (Overhead) Prey 1 of 1 Next Saved 3.a. Compute the amount of under or overapplied overhead for the year, and show the balance in your manufacturing overhead account overhead is View transaction list Journal entry worksheet Record entry to write off over or underapplied overhead to cost of goods sold. Note: Enter debits before credits Transaction General Journal Debit Credit View general journal Clear entry Record entry