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 $2.50 per machine-hour was based on a cost formula that estimates $217,500 of total manufacturing overhead for an estimated activity level of 87,000 machine-hours. Required: 1. Assume that during the year the company works only 82,000 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. 2B. 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 2A Reg 2B Compute the amount of overhead cost that would be applied to Work in Process for the year and make the entry in your I Manufacturing Overhead Work in Process 28.000 (a) 780,000 97,000 8,700 (Maintenance) (Indirect materials) (Indirect labor) (Utilities) (Direct materials) (Direct labor) (Overhead) (a) 67,000 34,000 (Insurance) 7,700 63,000 (Depreciation) Balance