Highfield Company applies manufacturing overhead to jobs on the basis of machine hours used. The company estimated that during 2022, the manufacturing overhead costs are $1,650,000 and machine usage is estimated at 300.000 hours. In January 2022, $163,000 of overhead costs are incurred and 27.500 machine hours are used. For the remainder of the year, $1,240,000 of additional overhead costs are incurred and 232,000 additional machine hours are worked. Instructions a. Compute the manufacturing overhead rate for the year. b. What is the amount of overapplied or underapplied overhead at January 31? c. What is the amount of overapplied or underapplied overhead at December 31