Exercises Chapter 2 E2-5 Robin Corporation applies manufacturing overhead to jobs based on machine hours used. Overhead costs are expected to total $325,000 for the year, and machine usage is estimated at 125,000 hours. For the year, $342,000 of overhead costs are incurred and 130,000 hours are used. Instructions: (a) Compute the manufacturing overhead rate for the year. (b) What is the amount of under- or overapplied overhead on December 31? (c) Prepare the adjusting entry to assign the under- or overapplied overhead for the year to cost of goods sold