Harwood Company uses a job-order costing system that applies overhead cost to jobs on the basis of machine-hours. The company's predetermined overhesd rate of $2,50 per machine. hour was based on a cost formula that estimates $240,000 of total manufacturing overhead for an estimated activity level of 96,000 machine-hours. Required: 1. Assume that during the year the company works only 91,000 machine-hours and incurs the following costs in the Manufacturing Ovemesd and Work in Process accounts: Compute the amount of overhead cost that would be applied to Work in Process for the year and moke the entry in your T-accounts. 2 A. Compute the amount of underapplied or overapplied overhead for the year and show the balance in your Manufocturing Overhead T-account. 28. Prepore a journal entry to close the company's underapplied or overapplied overhead to Cost of Goods Sold. Cemplate this question toy ewtering your answers in the tabs beles. 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. Hanwood 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 $2,50 per machine-hour was based on a cost formula thot estimates $240,000 of total manufacturing overhead for an estimated activity level of 96,000 machine-hours. Required: 1. Assume that during the year the company works only 91,000 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-occounts. 2A. Compute the amount of underapplied or overapplied ovethead for the year and show the balance in your Monufacturing Overhead T-account. 2B. Prepare o joumbl entry to close the company's underapplied or overapplied overhesd to Cost of Goods Sold. Cumplete this queatien by entring your answers in the tabs teflan. Compute the amount of underapplied or overapplied overhead for the year and show the balance in your Manufacturing Overhead T-account. Required: 1. Assume that during the year the company works only 91,000 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 underopplied or overapplied overhead to Cost of Goods Sold. Camplete this question by cntering your answers in the tabs below. 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 joumal entry required" in the first account field.) Journal entry worksheet Record the entry to close the balance of the manufacturing overhead account to coGs account. Fotez Enter debiti before crediti