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 $2.40 per machine-hour was based on a cost formula that estimates $225,600 of total manufacturing overhead for an estimated activity level of 94.000 machine-hours. Required: 1. Assume that during the year the company works only 89,000 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 2A. Compute the amount of underapplied or overapplled overhead for the year and show the balance in your Manufacturing 28. Prepare a journal entry to close the company's underappled or overoppled overhead to Cost of Goods Sold, Complete this question by entering your answers in the tabs below. Reg1 Reg 2 Reg 28 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 in Process (Maintenance 35.000 a) (Direct mat) 150.000 (Indirect materials 0400 (Dract labor) 104.000 direct labor 68.000 (Overhead() (Ulities) 41.000 insurance 8400 Depreciation 55.000 Balacom 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 $2.40 per machine-hour was based on a cost formula that estimates $225,600 of total manufacturing overhead for an estimated activity level of 94,000 machine-hours. Required: 1. Assume that during the year the company works only 89,000 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. Complete this question by entering your answers in the tabs below. Reg 1 Reg 2 Reg 28 Compute the amount of underapplied or overapplied overhead for the year and show the balance in your Manufacturing Overhead T-account. manufacturing overhead Reg 20 > Req 1 Reg 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.) View transaction list Journal entry worksheet
