M2-10 (Algo) Calculating Over-or Underapplied Manufacturing Overhead [LO 2-5) 04 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 la hours for the year were $280,000 and 22,800 hours, respectively, Required: 1. Compute over- or underapplied overhead, 21. Which accounts will be offected by the over- or underapplied manufacturing overhead? 2b. Will the accounts be increased or decreased to adjust for the over- of underappled manufacturing overhead? Complete this question by entering your answers in the tabs below. Net Reg 2A Reg 26 win the accounts be increased or decreased to adjust for the over- or underapplied manufacturing overhead? Cast of Goods Sold Fished Goods Inventory decreased by increased by Reg 2