3-b. Prepare a general journal entry to close out the balance in this account to cost of goods sold. (If no entry is required for a particular transaction, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record entry to write off over or underapplied overhead to cost of goods sold. Note: Enter debits before credits. Record entry Clear entry View general journal Harwood Company is a manufacturing firm that operates ajob-order costing system Overhead costs are applied to jobs on the basis of machine-hours. At the beginning of the year, management estimated that the company would incur $126,000 in manufacturing overhead costs and work 60,000 machine-hours, Required: 1. Compute the company's predetermined overhead ratet (Round your answer to 2 decimal places.) $ 2.10 perMH 2. Assume that during the year the company works only 50,600 machinehours and incurs the following costs in the manufacturing overhead and work-in-process accounts Compute the missing amounts and show the balance in your manufacturing overhead T- account. (Do not round intermediate calculations.) (Maintenance) 13,700 106,260 (Direct materials) 479,400 (Indirect materials) 5,400 (Direct labour) 59,500 (Indirect labour) 39,400 (Overhead) 16,240 (Utilities) 21,600 (Insuranoe) 4,600 (Depreciation) 37,800 3-a. Compute the amount of under or overapplied overhead for the year, and show the balance in your manufacturing overhead T account. nderapplied $ 16,240