E20.5 (LO 3,5) Ikerd Company applies manufacturing overhead to jobs on the basis of machine hours used. Overhead costs are estimated 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