Renteria Company applies manufacuring overhead to jobs on the basis of machine hours used. Overhead costs are expected to total $305,000 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. (a) Compute the manufacturing overhead rate for the year. (b) What is the amount of under- or- overapplied overhead at December 31?

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