Exercise 20-05 a-c Ivanhoe Company applies manufacturing overhead to jobs on the basis of machine hours used. Overhead costs are estimated to total $309,680 for the at 126,400 hours. year, and machine usage is estimated For the year, $330,930 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 What is the amount of under- or overapplied overhead at December 317 Manufecturing Overheads 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 Tities and Explanatiorn Debit Credit