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4. Job-order costing: Applying Overhead; T- accounts; Journal Entries Harwood Company is a manufacturer that operates a job-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 $380,000 in manufacturing overhead costs and work 47,500 machine-hours. Required: (1). Compute the company's predetermined overhead rate. (2). Assume that during the year the company works only 45,000 machine-hours and incurs the following costs in the Manufacturing Overhead and Work in Process accounts: Mancing Ohrhard Maintenance) 47.000 Direct material 80,000 Indirect materials 20.000 Direct labor) 170,000 indirect laborios.000 Owerhead) 77.500 Insurance 26.000 Depreciation) 91 500 Copy the data in the T-accounts above onto your answer sheet. Compute the amount of overhead cost that would be applied to Work in Process for the year and make the entry in your T-accounts. (3). Compute the amount of underapplied or overapplied overhead for the year and show the balance in your Manufacturing Overhead T- account. Prepare a journal entry to close out the balance in this account to Cost of Goods Sold. (4). Explain why the manufacturing overhead was underapplied or overapplied for the year