Orice Company applies manufacturing overhead to jobs on the basis of machine hours used. Overhead costs are estimated to total $220,000 for the year, and machine usage is estimated at 110,000 hours For the year, $283,360 of overhead costs are incurred, and 114,400 hours are used Part 1 Compute the manufacturing overhead rate for the year. (Round answer to 2 decimal placeses 1253 Manufacturing overhead rates per machine hour eTextbook and Media List of Accounts Attempts: of 2 A Part Part 2 What is the amount of under- of verapplied overhead at December 317 Manufacturing Overhead S e Textbook and Media List of Accounts Attempts. Oof 2 used Submit A Part 3 Part 3 Prepare the adjusting entry to assign the under-or overapplied overhead for the year to cost of goods sold. (List al debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually) Account Titles and Explanation Debit Credit