Megatron Company allocates overhead based on machine hours. The company estimated total overhead costs to be $390,000 for the year and estimated that it will use 50,000 machine hours. Megatron ended up working 48,000 machine hours during the year and incurred $380,000 in actual overhead costs. Required: 1. What is the overhead allocation rate for the year? Record your answer to two decimal places. (e.g. 1.50) 2. What is the amount of applied overhead for the year? Record your answer in dollars only (e.g. 400) 3. What is the amount of under- or over-applied overhead for the year? Record the amount (in dollars only) in the left cell and then either "over" or "under" in the right cell. (2 marks) 4. Prepare the journal entry to close out the manufacturing overhead account, assuming the balance in not considered material. Be sure to enter the debit first and the credit second