Cullumber Company applies manufacturing overhead to jobs on the basis of machine hours used. Overhead costs are estimated to total $320,000 for the year, and machine usage is estimated at 160,000 hours. For the year, $412,160 of overhead costs are incurred, and 166,400 hours are used. Your answer is correct. Compute the manufacturing overhead rate for the year, (Round answer to 2 decimal places, es. 1.25.) Manufacturing overhead rate per machinehour What is the amount of under-or overapplied overhead at December 31 ? Manufacturing Overhead List of Accounts Prepare the adjusting entry to assign the under-or overapolied overhead for the year to cost of goods sold. (List all debit entries before credit entries. Credit occount titles are automatically indented when amount is entered. Do not indent manually.)