Crane Company applies manufacturing overhead to jobs on the basis of machine hours used. Overhead costs are expected to total $350,000 for the year, and machine usage is estimated at 125,000 hours. For the year, $369,000 of overhead costs are incurred and 130,000 hours are used. Your Answer Correct Answer Your answer is correct. Compute the manufacturing overhead rate for the year. (Round answer to 2 decimal places, e.g. 52.75.) (c) Overhead rate Your Answer Correct Answer Your answer is correct. 2.8 per machine hour What is the amount of under- or overapplied overhead at December 31? Overhead EA $ 5,000 i underapplied Assuming the under - or overapplied overhead for the year is not allocated to inventory accounts, prepare the adjusting entry to assign the amount to cost of goods sold. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.) Account Titles and Explanation Debit Credit eTextbook and Media k