Exercise 16-5 Ikerd Company applies manufacturing overhead to jobs on the basis of machine hours used. Overhead costs are expected to total $326,772 for the year, and machine usage is estimated at 125,200 hours For the year, $363,320 of overhead costs are incurred and 132,000 hours are used Compute the manufacturing overhead rate for the year. (Round answer to 2 decimal places, e.g.1.25.) Manufacturing overthead rate per machine hour LIST OF ACCOUNTS What is the amount of under- or overapplied overhead at December 31? Manufacturing Overhead 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