Crane Company applies manufacturing owerhead to jobs on the basis of machine hours used. Overhead costs are estimated to total $312.000 for the year, and inachine usage is estimated at 130,000 hours. For the year, $334,880 of overhead costs are incurred, and 135,200 hours are used. Compute the manufocturing overhead rate for the year, (Round onswer to 2 decimal ploces, ey 1.25) Manufacturing overhead rate per machine hour Part 2 What is the amount of under or overapplied overhead at December 31? Manufacturing Overhead S. List of Accounts Attempts: 0 of 2 used Prepare the adjusting entry to assign the under- or overapplied overhead for the year to cost of goods sold. Ust all debit entries before credit entries Credit account titles are automaticallv indented when amount is enternd, Do not indent mumuallwi)