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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 $168,000 in manufacturing overhead costs and work 70,000 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 66,500 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 630.200 (Direct materials) (Direct labour Overhead) 78.700 Manufacturing Overhead 18.400 7 100 52,500 28,400 6.100 49.700 (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 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 View transaction list Journal entry worksheet A > Record entry to write off over or underapplied overhead to cost of goods sold. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 Record entry Clear entry View general Journal 4. This part of the question is not part of your Connect assignment Prey 25 of 27 Next >

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