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Harwood Company uses a job-order costing system that applies overhead cost to jobs on the...

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Question

Accounting

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 $2.80 per machine-hour was based on a cost formula that estimates $249,200 of total manufacturing
overhead for an estimated activity level of 89,000 machine-hours.
Required:
Assume that during the year the company works only 84,000 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 2A
Compute the amount of underapplied or overapplied overhead for the year and show the balance in your Manufacturing
Overhead T-account from Req 1.
nderapplied
manufacturing overhead
$
14,000
image

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