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Hamilton Company applies manufacturing overhead costs to products based on direct labor hours. The company estimates manufacturing overhead cost for the year to be $264,000 and direct labor hours to be 20,000 . Actual overhead and actual direct labor hours for the year were $295,000 and 23,400 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. Compute over or underapplied overhead. Hamilton Company applies manufacturing overhead costs to products based on direct labor hours. The company estimates manufacturing overhead cost for the year to be $264,000 and direct labor hours to be 20,000 . Actual overhead and actual direct labor hours for the year were $295,000 and 23,400 hours, respectlvely. Required: 1. Co mpute 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. Which accounts will be affected by the over- or underapplied manufacturing overhead? (Select all that apply.) Hamilton Company applies manufacturing overhead costs to products based on direct labor hours. The company estimates manufacturing overhead cost for the year to be $264,000 and direct labor hours to be 20,000. Actual overhead and actual direct hours for the year were $295,000 and 23,400 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. Will the accounts be increased or decreased to adjust for the over-or underapplied manufacturing overhead