Problem IV Harrell Company uses a predetermined overhead rate based on direct labor-hours to apply manufacturing overhead(MOH) to jobs. At the beginning of the year the company estimated its total manufacturing overhead cost at $420,000 and its direct labor-hours at 80,000o hours. The actual overhead cost incurred during the year was $450,000 and the actual direct labor-hours incurred on jobs during the year was 75,000 hours. Assume that the company has the following accounts with ending balances as follows: Work-in-Process Finished Goods Cost of Goods Sold 60,000 140.000 800,000 The company allocates any balance in the MOH to the other inventory accounts based on their ending balances. Required: 1) Compute the predetermined overhead rate for the year. 2) Determine the amount of MOH underapplied or overapplied 3) Prepare the journal entry to record the MOH applied for the period. Prepare the entry to dispose of the underapplied/overapplied MCH. 4) ny