2 10 pts Salt Co uses a predetermined overhead rate based on machine hours to apply manufacturing overhead to jobs. At the beginning of the year, the company estimated fixed manufacturing overhead would be $126,250 and variable manufacturing overhead would be $3 per machine hour with 85,000 machine hours. Salt Co actually had $318,000 of manufacturing overhead with 82,000 machine hours for the year. Required: 1. Calculate the amount of the overhead that is applied. 2. How much is manufacturing overhead underapplied or overapplied for the year? 3. What is the journal entry to close out the underapplied/overapplied amount out to Costs of Goods Sold