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

###### Question:

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 $3.00 per machine-hour was based on a cost formula that estimates$258,000 of total manufacturing overhead for an estimated activity level of 86,000 machine-hours. Required: 1. Assume that during the year the company works only 81,000 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 1 Req 2A Req 2B 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. Work in Process (a) 770,000 (Direct materials) (Direct labor) 96,000 Manufacturing Overhead (Maintenance) 27,000 (Indirect 8,600 materials) (Indirect labor) 88,000 (Utilities) 42,000 (Insurance) 7,600 (Depreciation) 76,000 Balance (Overhead) (a) Req 1 Req 2A >
Complete this question by entering your answers in the tabs below. Req 1 Req 2A Req 2B Compute the amount of underapplied or overapplied overhead for the year and show the balance in your Manufacturing Overhead T-account. manufacturing overhead < Req 1 Req 2B>
Complete this question by entering your answers in the tabs below. Req 1 Req 2A Req 2B Prepare a journal entry to close the company's underapplied or overapplied overhead to Cost of Goods Sold. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Show less A View transaction list Journal entry worksheet 1 > Record the entry to close the balance of the manufacturing overhead account to COGS account. Note: Enter debits before credits. General Journal Debit Credit Event 1 Record entry View general journal Clear entry < Req 2A Reg 2B

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