AutoSave OF @ BHoffman_E20.5 - Saved to my Mac Home Insert Draw Page Layout Formulas Data Review View Tell me Liberation Sans 12 - A A 29 IG General Paste 2 Insert Delete B M A $ % ) 8-88 Conditional Format Cell Formatting Table Styles a A12 Format fe bar B th E F G H ni M OI A D 1 E20.5 Compute the manufacturing overhead rate and under-or overapplied overhead 2 Ikerd Company applies overhead to jobs on the basis of machine hours used. Overhead costs are expected to total 3 $300,000 for the year, and machine usage is estimated at 125,000 hours. For the year, $322,000 of overhead costs 4 are incurred and 130,000 hours are used. es 5 6 Instructions 7 (a) Compute the manufacturing overhead rate for the year. 8 (b) What is the amount of under-or overapplied overhead at December 312 9 (c) Prepare the adjusting entry to assign the under- or overapplied overhead for the year to cost of goods sold. 10 11 12 13 14 15 16 - 17 18 19 1 1 Sheet1 + Ready