Erd company applies manufacturing overhead to jobs on the basis of machine hours used. overhead costs are expected to total $300,000 for the year, and machine usage is estimated at 125,000 hours. for the year, $322,000 of overhead costs are incurred and 130,000 hours are used. instructions (a) compute the manufacturing overhead rate for the year. (b) what is the amount of under- or overapplied overhead at december 31? (c) prepare the adjusting entry to assign the under- or overapplied overhead for the year to cost of goods sold.