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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 rale Der 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.) Manufacturing Overhead 21.600 8 400 61 800 Direct materials (Drect labour (Overhead) Work in Process 745,800 93,300 (Maintenance Indirect materials (indirect labour 51 insurance Depreciation 33,800 7.300 58 800 01:15 55 3-a. Compute the amount of under-or overapplied overhead for the year, and show the balance in your manufacturing overhead T. account overhandis 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.) 05 View transaction list Journal entry worksheet 01:15:30

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