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 $2.80 per machine-hour was based on a cost formula that estimates $232,400 of total manufacturing overhead for an estimated activity level of 83,000 machine-hours. Required: 1. Assume that during the year the company works only 78,000 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 T-accounts 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 Req 1 Req 2A Req 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. Manufacturing Overhead Work in Process Debit Credit Debil (Maintenance) 24,000 (a) (Direct materials) 740,000 (Indirect materials) 8,300 (Indirect labor) 82,000 (Direct labor) (Overhead) (a) 93,000 (Utilities) 36,000 (Insurance) 7,300 (Depreciation) 65,000 Balance Reg 2A > Credi Compute the amount of underapplied or overapplied overhead for the year and show the balance in your Manufacturing Overhead T-account. Overapplied Underapplied manufacturing overhead < Req 1 Req 28 > Record the entry to close the balance of the manufacturing overhead account to COGS account. Note: Enter debits before credits. Event a. General Journal Debit Credit Record entry Clear entry View general journal