Exercise E2-5 Duggan Company applies manufacturing overhead to jobs on the ba: Overhead costs are expected to total $325,000 for the year, and machine usage is e 125,000 hours. For the year $342,000 verhead costs are incurred 130,000 machine hours are used. Instructions: (a) Compute the manufacturing overhead rate for the year. Amount Formul per machine hour Number a (b) What is the amount of under- or overapplied overhead at December 31? Actual machine hours: Standard rate: Title Title Title Number Amount Formula Amount Formula (c) 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 Account title Account title Amount Amount