Updstes Not inst Help Save i Exercise 3-9 Applying Overhead: T-accounts; Journal Entries (L03-1, LO3-2, LO3-4 Harwood Company uses a job-order costing system that applies overhead cost to jobs on the basis of machine-hours. The company's predetermined overhead rate of $2.40 per machine-hour was based on a cost formula that estimates $192,000 of total manufacturing overheed for an estimated activity level of 80,000 machine-hours 1. Assume that 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 amount of overhead cost that would be applied to Work in Process for the year and make the entry in your T-accounts. 2A. Compute the amount of underapplied or overapplied overhead for the year and show the balance in your Manufacturing Overhead T-account 2B. Prepare a journal entry to close the company's underapplied or overapplied overhead to Cost of Goods Sold. Complete this question by entering your answers in the tabs below Req 1 ReqA Compute the amount of underapplied or overapplied overhead for the year and show the balance in your Mansufacturing Overhead T-Account from Req 1. Prex 6 of6 Next 8 5 8 9 3 Google untle Ground PubSkyward Skyward Bookmwr. Google URL Short..Bryancory.CAP P...G hapter 3 6 Req i Req 2A Req 28 or overapplied overhead to Cost of Goods Sold. (If no entry is required for Prepare a journal entry to close the company's underapplied transaction/event, select "No journal entry required" in the first account feld.) Journal entry worksheet Record the entry to close the balance of the manufacturing overhead account to COGS account. Note: Enter debits before credt aw general journal