IW Set of 10 Exercise 3-9 (Static) Applying Overhead; T-accounts; Journal Entries [LO3-1, LO3-2, L03-4) 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 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 Reg 2A Req 28 Compute the amount of underapplied or overapplied overhead for the year and show the balance in your Manufacturing Overhead T-account manufacturing overhead