What is the amount of under - or overapplied overhead at December 31? Manufacturing Overhead - $10,500 Underapplied

Prepare the adjusting entry to assign the under- or overapplied overhead for the year to cost of goods sold. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Account Titles and Explanation	Debit	Credit

Ikerd Company applies manufacturing overhead to jobs on the basis of machine hours used. Overhead costs are estimated to total $345,675 for the year, and machine usage is estimated at 125,700 hours. For the year, $372,125 of overhead costs are incurred and 131,500 hours are used. (a) Your answer is correct. Compute the manufacturing overhead rate for the year. (Round answer to 2 decimal places, e.g. 1.25.) Manufacturing overhead rate Click if you would like to Show Work for this question: Open Show Work 2.75 per machine hour SHOW LIST OF ACCOUNTS SHOW SOLUTION LINK TO TEXT LINK TO TEXT SHOW ANSWER