Chapter 2 Handout DO IT! 2-3 Washburn Company produces earbuds. During the year, manufacturing overhead costs are expected to be $200,000. Expected machine usage is 2,500 hours. The company assigns overhead based on machine hours. Job No. 551 used 90 machine hours. Compute the predetermined overhead rate, determine the amount of overhead to allocate to Job No. 551, and prepare the entry to assign overhead to Job No. 551 on January 15. Compute the following Predetermined overhead rate Amount of overhead to charge to Job No. 551 Journal Entry Date Account Debit Credit