Exercise 15-5 Ikerd Company applies manufacturing overhead to jobs on the basis of machine hours used. Overhead costs are expected 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 Your answer is correct. Compute the manufacturing overhead rate for the year. (Round answer to 2 decimal places, e.g. 1.52.) Manufacturing overhead rate 2.4 per machine hour SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT VIDEOI APPLIED SKILLS Your answer is incorrect. Thy again What is the amount of under- or overapplied overhead at December 31? Manufacturing Overhead 93 SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT VIDEO: APPLIED SKILLS Your answer is incorrect. Try again. 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 Click if you would like to Show Work for this question: Open Show Work