The manufacturing records for Kool Kayaks at the end of 2008 fiscal year fiscal year show the following information about manufacturing overhead: Overhead applied to production .......................... Actual manufacturing overhead costs .................. Overhead allocation rate for the year ................... $405,000 $430,250 $40 per machine hour Required: i) How many machine hours did Kool Kayaks use in 2008? ii) Was manufacturing overhead over- or under-allocated for the year? By how much? iii) Record the entry to close the overhead variance.