Part 2 - Problem: (20 Points) Pronto Copy Company applies operating overhead to photocopying jobs on the basis of machine hours used. Overhead costs are expected to total $320,000 for the year, and machine usage is estimated at 125,000 hours. For the year, $308,000 of overhead costs are incurred and 130,000 hours are used. Instructions (a) Compute the service overhead rate for the year. (b) What is the amount of under-or over applied overhead at December 312 (c) Assuming the under-or over applied overhead for the year is not allocated to inventory accounts, prepare the adjusting entry to assign the amount to cost of jobs finished