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Harwood Company is a manufacturing firm 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 $198.000 in manufacturing overhead costs and work 90.000 machine hours. Required: 1. Compute the company's predetermined overhead rate. (Round your answer to 2 decimal places.) Predetermined overhead rate per MH 2. Assume that during the year the company works only 78,700 machine hours 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.) Work in Process 745 600 93,300 (Direct materials) (Direct labour) (Overhead) Manufacturing Overhead 21,600 8,400 61,900 33,600 7,300 58,800 (Maintenance) (Indirect materials) (Indirect labour) (Utilities) (Insurance) (Depreciation) + 3-a. Compute the amount of under or overapplied overhead for the year, and show the balance in your manufacturing overhead T-account overhead is 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 Transaction General Journal Debit Credit

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