Exercise 15-5 (Part Level Submission) Ikerd Company applies manufacturing overhead to jobs on the basis of machine hours used. Overhead costs are expected to total $349,297 for the year, and machine usage is estimated at 126,100 hours. For the year, $475,116 of overhead costs are incurred and 130,800 hours are used. (a) 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 2.7 per machine hour Click if you would like to Show Work for this question: Open Show Work SHOW LIST OF ACCOUNTS SHOW SOLUTION SHOW ANSWER LINK TO TEXT LINK TO TEXT VIDEO: APPLIED SKILLS Attempts: 1 of 3 used (b) Your answer is correct. What is the amount of under- or overapplied overhead at December 31? Manufacturing Overhead I Underapplied | 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