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Washburn Company produces earbuds. During the year, manufacturing overhead costs were $244,000. Machine usage was 2,500 hours. The company assigns overhead based on machine hours. Job No. 551 used 90 machine hours.Compute the predetermined overhead rate. (Round answer to 2 decimal places, e.g. 5.25.)Predetermined overhead rate$Determine the amount of overhead to allocate to Job No. 551. (Round answer to 0 decimal places, e.g. 5,275.)Overhead assigned$Prepare the entry to assign overhead to Job No. 551 on January 15. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answer to 0 decimal place, e.g. 55.)DateAccount Titles and ExplanationDebitCreditJan. 15(To assign overhead to jobs)