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 $192,000 of total manufacturing overhead for an estimated activity level of 80,000 machine-hours. Required: 1. Assume that during the year the company works only 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 T-accounts. 2A. Compute the amount of underapplied or overapplied overhead for the year and show the balance in your Manufacturing 28. Prepare a journal entry to close the company's underapplied or overapplied overhead to cost of Goods Sold. Overhead T-account. Reg 1 Req ZA 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 T-accounts. Manufacturing Overhead Work in Process Debit Credit Debit Credit (Maintenance) 21.000 (Direct materials) 710,000 (Indirect materials) 8,000 (Direct labor) 90,000 (Indirect labor) 60,000 (Overhead) (a) (Utilities) 32,000 (Insurance) 7.000 (Depreciation) 56,000 Balance Reg 1 Reg 2A Reg 28 ent ances Compute the amount of underapplied or overapplied overhead for the year and show the balance in your Manufacturing Overhead T-account. manufacturing overhead Feq1 Reg 2A Reg 2B pare a journal entry to close the company's underapplied or overapplied overhead to Cost of Go msaction/event, select "No journal entry required" in the first account field.) iew transaction list Journal entry worksheet