Crane Company applies manufacturing overhead to jobs on the basis of machine hours used. Overhead costs are estimated to total $330,750 for the year, and machine usage is estimated at 157,500 hours. For the year, $405,720 of overhead costs are incurred, and 163,800 hours are used. Compute the manufacturing overhead rate for the year. (Round answer to 2 decimal places, e.g. 1.25.) Manufacturing overhead rate $ per machine hour What is the amount of under-or overapplied overhead at December 31 ? Manufacturing Overhead $ Prepare the adjusting entry to assign the under-or overapplied overhead for the year to cost of goods sold. (List all before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.)