Olin Company assigns overhead based on machine hours. The Milling Department logs 2,400 machine hours and Cutting Department shows 4,000 machine hours for the period. If the overhead rate is $5 per machine hour, the entry to assign overhead will show a credit to Manufacturing Overhead for $32,000. credit to Work in Process for $12,000. debit to Manufacturing Overhead for $32,000. credit to Work in Process-Cutting Department for $20,000