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 $2.30 per machine-hour was based on a cost formula that estimates $225,400 of total manufacturing overhead for an estimated activity level of 98,000 machine-hours Required: 1 Assume that during the year the company works only 93,000 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 overappled 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 Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Req Req 2A Req 20 Compute the amount of overhead cost that would be applied to Work in Process for the year and make the entry in your accounts Manufacturing Overhead Work is Process Debit (Maintenance)) 39.000 Credit 225.400 6 (0) Ondirect materials) 5.000 Ondeed labor) 60.000 Direct material) Direct labo (Overhead) (a) 090,000 100.000 223.200 O (Utildes) 45.000 (Insurance) 0.000 (Depreciation) $5,000 Balance 5600 Req 2A > Credit 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 $2.30 per machine-hour was based on a cost formula that estimates $225,400 of total manufacturing overhead for an estimated activity level of 98,000 machine-hours. Required: 1. Assume that during the year the company works only 93,000 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. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Req 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. Overapplied manufacturing overhead $223,200 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 $2.30 per machine-hour was based on a cost formula that estimates $225,400 of total manufacturing overhead for an estimated activity level of 98,000 machine-hours. Required: 1. Assume that during the year the company works only 93,000 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. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Req 1 Req 2A Req 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.) No Event General Journal Manufacturing overhead Cost of goods sold