Exercise 14-5 a-c Concord Company applies manufacturing overhead to jobs on the basis of machine hours used. Overhead costs are estimated to total $303,360 for the year, and machine usage is estimated at 126,400 hours. For the year, $378,960 of overhead costs are incurred and 131,400 hours are used. Compute the manufacturing overhead rate for the year. (Round answer to 2 decimal places, e.g. 1.25.) Manufacturing overhead rate per machine hour $ LINK TO TEXT LINK TO TEXT VIDEO: SIMILAR EXERCISE What is the amount of under- or overapplied overhead at December 31? Manufacturing Overhead $ LINK TO TEXT LINK TO TEXT Indicate the effect of the adjustment to assign the under- or overapplied overhead for the year to cost of goods sold. The adjustment to assign the underapplied overhead to Cost of Goods Sold will Manufacturing Overhead and Cost of Goods Sold