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Exercise 3-9 (Algo) Applying Overhead; T-accounts; Journal Entries [LO3-1, 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 $2.30 per machine-hour was based on a cost formula that estimates $225,400 of total manufacturing overhead for an estimated activity level of 98,000 machine-hours. Required: 1. Assume that during the year the company works only 93,000 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. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Req 1 Reg 2A Reg 2B 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. . Work in Process Debit Credit Manufacturing Overhead Debit Credit (Maintenance) 39,000 225,400 (Indirect materials) 9,800 (Indirect labor) 60,000 (Utilities) 45,000 (Insurance) 8,800 (Depreciation) 55,000 Balance 7,800 X (Direct materials) (Direct labor) (Overhead) (a) 890,000 108,000 7,800 x Exercise 3-9 (Algo) Applying Overhead; T-accounts; Journal Entries [LO3-1, 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 $2.30 per machine-hour was based on a cost formula that estimates $225,400 of total manufacturing overhead for an estimated activity level of 98,000 machine-hours. Required: 1. Assume that during the year the company works only 93,000 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. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Reg 1 Reg 2A Reg 2B Compute the amount of underapplied or overapplied overhead for the year and show the balance in your Manufacturing Overhead T-account. Overapplied manufacturing overhead 7,800 X Exercise 3-9 (Algo) Applying Overhead; T-accounts; Journal Entries [LO3-1, 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 $2.30 per machine-hour was based on a cost formula that estimates $225,400 of total manufacturing overhead for an estimated activity level of 98,000 machine-hours. Required: 1. Assume that during the year the company works only 93,000 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. 28. Prepare a journal entry to close the company's underapplied or overapplied overhead to Cost of Goods Sold. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Req 1 Reg 2A Reg 2B Prepare a journal entry to close the company's underapplied or overapplied overhead to Cost of Goods Sold. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) No Event General Journal Debit Credit 1 1 X 7,800 X Manufacturing overhead Cost of goods sold X 7.800 X

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