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 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 overhead cost applied to Work in Process for the year and make the entry in your T-accounts: 2A. Compute the underapplied or overapplied overhead and show the balance in your Manufacturing Overhead T-account. 28. Prepare a journal entry to close the company's underapplled or overapplied overhead to Cost of Goods Sold. Complete this question by entering your answers in the tabs below. Compute the overhead cost applied to Work in Process for the year and make the entry in your T-accounts