Midwest Tractor Company's manufacturing overhead budget for 2020 is $6,000,000. Production calls for 500,000 direct labor hours and a total direct labor cost of $4,500,000. Midwest applies manufacturing overhead based on direct labor hours. For 2020, 6,150,000 of actual manufacturing overhead costs are incurred, actual direct cost was $4,680,000 and actual 520,000 direct labor hours used. Instructions: Answer each question. Show supporting computations. (a) Compute the manufacturing overhead rate for the year. (b) What is the amount of under or over-applied overhead at December 317 (c) Prepare the adjusting journal entry assigning the under or over-applied overhead for the year to cost of goods sold