Exercise 15-5 Ikerd Company applies manufacturing overhead to jobs on the basis of machine hours used. Overhead costs are expected to total $300,000for the year, and machine usage is estimated at125,000hours. For the year, $322,000of overhead costs are incurred and130,000hours 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

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What is the amount of under- or overapplied overhead at December 31?

Manufacturing Overhead

$ UnderappliedOverapplied

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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

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