Sunland Company applies manufacturing overhead to jobs on the basis of machine hours used. Overhead costs are estimated to total $304,500 for the year, and machine usage is estimated at 145,000 hours. For the year, $373,520 of overhead costs are incurred, and 150,800 hours are used. Part 1 Compute the manufacturing overhead rate for the year. (Round answer to 2 decimal places, e.g. 1.25.) Manufacturing overhead rate ta per machine hour Part 2 What is the amount of under-or overapplied overhead at December 31? Manufacturing Overhead $ Part 3 Prepare the adjusting entry to assign the under-or overapplied overhead for the year to cost of goods sold. (List all 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