rent Attempt iff Progress Crane Company applies manufacturing overhead to jobs on the basis of machine hours used. Overhead costs are estimated to total $275,000 for the year, and machine usage is estimated at 125,000 hours. For the year, $296,000 of overhead costs are incurred and 130,000 hours are used. Compute the manufacturing overhead rate for the year. (Round answer to 2 decimal places, eg. 1.25.) Manufacturing overhead rate $ 22 per machine hour What is the amount of under-or over applied overhead at December 317 Manufacturing Overhead $ 10000 Underapplied Prepare the adjusting entry to assign the under-or overapplied overhead for the year to cost of goods sold. (Credit account titles are automatically indented when amount is entered. Do not indent manually) Account Titles and Explanation Debit Credit