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 $162,000 in manufacturing overhead costs and work 60,000 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 48,000 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 manufactunng overhead T Bccount. (Do not round intermediate calculations. Manufacturing Overhead 18.000 6.000 (Duecimale) Drect labour (Overhead) Work in Process 540.000 72 000 45.000 Maintenance) Undirect materials Indirect labour (utines Insurance Depreciation 30.000 6.000 42.000 3.6. Compute the amount of under or overopplied overleed for the year and show the balance in your manufacturing overhead account einados Saved 3-8. Compute the amount of under-or overapplied overnead for the year, and show the balance in your manuracturing overneaa 1- 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