M2-10 (Algo) Calculating Over- or Underapplied Manufacturing Overhead [LO 2-5] Hamilton Company applies manufacturing overhead costs to products based on direct labor hours. The company estimates manufacturing overhead cost for the year to be $258,000 and direct labor hours to be 20,000. Actual overhead and actual direct labor hours for the year were $280,000 and 22,800 hours, respectively. Required: 1. Compute over- or underapplied overhead. 2a. Which accounts will be affected by the over- or underapplied manufacturing overhead? 2b. Will the accounts be increased or decreased to adjust for the over- or underapplied manufacturing overhead? Complete this question by entering your answers in the tabs below. Req 1 Req 2A Req 2B Which accounts will be affected by the over- or underapplied manufacturing overhead? (Select all that apply.) OOOOO Cost of Goods Sold Manufacturing Overhead Finished Goods Inventory Selling and Administrative Overhead Marketing and Distribution Overhead M2-10 (Algo) Calculating Over- or Underapplied Manufacturing Overhead [LO 2-5) Hamilton Company applies manufacturing overhead costs to products based on direct labor hours. The company estimates manufacturing overhead cost for the year to be $258,000 and direct labor hours to be 20,000. Actual overhead and actual direct labor hours for the year were $280,000 and 22,800 hours, respectively. Required: 1. Compute over- or underapplied overhead. 2a. Which accounts will be affected by the over- or underapplied manufacturing overhead? 2b. Will the accounts be increased or decreased to adjust for the over- or underapplied manufacturing overhead? Complete this question by entering your answers in the tabs below. Req 1 Req 2A Req 2B Will the accounts be increased or decreased to adjust for the over- or underapplied manufacturing overhead? Req 2A Req 2B