Harwood Company uses 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 80,000 machine-hours would be required for the periods estimated level of production. The company also estimated $128,000 of fixed manufacturing overhead expenses for the coming period and variable manufacturing overhead of $0.80 per machine-hour.

Prepare a journal entry to close out the balance in the manufacturing overhead account to cost of goods sold.

Moody Corporation uses a job-order costing system with a plantwide overhead rate based on machine- hours. At the beginning of the year, the company made the following estimates: Machine-hours required to support estimated production Fixed manufacturing overhead cost Variable manufacturing overhead cost per machine-hour 100,000 S 650,000 S 3.00 Required 1. Compute the predetermined overhead rate. (Round your answer to 2 decimal places.) 9.50 per MH 2. During the year, Job 400 was started and completed. The following information was available with respect to this job: Direct materials requis Direct labor cost itioned $450 $210 40 Compute the total manufacturing cost assigned to Job 400. (Round your intermediate calculations to 2 decimal places. Total cost $1,040 3-a. During the year the company worked a total of 146,000 machine-hours on all jobs and incurred actual manufacturing overhead costs of $1,350,000. What is the amount of underapplied or overapplied overhead for the year? (Round your intermediate calculations to 2 decimal places.) S 37,000