Renteria Company applies manufacturing overhead to jobs on the basis of machine hours used. Overhead costs are expected to total $306,300 for the year, and machine usage is estimated at 125,200 hours. For the year, $327,350 of overhead costs are incurred and 131,400 hours are used. Incorrect. Compute the manufacturing overhead rate for the year. (Round answer to 3 decimal places, e.g. 2.250.) $ Incorrect. What is the amount of under- or overapplied overhead at December 31? (Round answer to 0 decimal places, e.g. 12,500.) $ Underapplied Incorrect. Assuming the under- or overapplied overhead for the year is not allocated to inventory accounts, prepare the adjusting entry to assign the amount to cost of goods sold. Account/Description Debit Credit Cost of goods sold Manufacturing overhead