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 period's estimated level of production. The company also estimated $128,000 of fixed manufacturing overhead expenses for the cominp period and variable manufacturing overhead of $0.80 per Required: 1. Compute the company's predetermined overhead rate. (Round your answer to 2 decimal places.) per MH Predetermined overhead rato 2. Assume during the year the company works 75.000 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, and make the entry in your taccounts given below: (Round your intermediate calculations to 2 decimal places) Manufacturing overhead (Direct materials) 21,000 (Maintenance) (Direct labor 8,000 (indirect materials) (overhead) 60,000 (Indirect labor) 32.000 (Utilities) 7,000 (Insurance) 56,000 (Depreciation) Work in Process 710,000