Harwood Company uses a job order costing system that applies overhead cost to jobs on the basis of machine-hours. The company's predetermined overhead rate of $2.90 per machine-hour was based on a cost formula that estimates $246,500 of total manufacturing overhead for an estimated activity level of 85,000 machine-hours. Required: 1. Assume that during the year the company works only 80,000 machine-hours and incurs the following costs in the Manufacturing Overhead and Work in Process accounts: Compute the amount of overhead cost that would be applied to Work in Process for the year 2A. Compute the amount of underapplied or overapplied overhead for the year and show the balance in your Manufacturing Overhead T-account. 28. Prepare a journal entry to close the company's underapplied or overapplied overhead to Cost of Goods Sold. Complete this question by entering your answers in the tabs below. Req1 Reg 21 Reg 28 Compute the amount of overhead cost that would be applied to Work in Process for the year and make the entry in your T-accounts. es (a) Work in Process 750,000 95.000 (Direct materials) (Direct labor (Overhead a Manufacturing Overhead 25,000 8.500 86.000 37.000 7.500 72.000 Maintenance) + tindirect materials) Indirect labor (Ulies) insurance) Depreciation) Balance Reg 1 Req 2A Req 28 Compute the amount of underapplied or overapplied overhead for the year and show the balance in your Manufacturing Overhead T-account. manufacturing overhead Reat Reg 2A Reg 28 Prepare a journal entry to close the company's underapplied or overapplied overhead to Cost of Goods Sold. (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) View transaction list Journal entry worksheet Record the entry to close the balance of the manufacturing overhead account to COGS account Hin er det before credit 10 Even General Journal Debi Record entry Glaar entry View general journal RA