Ikerd Company applies manufacturing overhead to jobs on the basis of machine hours used. Overhead costs are expected to total $303,178 for the year, and machine usage is estimated at 125,800 hours. For the year, $388,561 of overhead costs are incurred and 132,100 hours are used. Compute the manufacturing overhead rate for the year. (Round answer to 2 decimal places, e.g. 1.52.) Manufacturing overhead rate $ per machine hour SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT What is the amount of under- or overapplied overhead at December 31? Manufacturing Overhead $ SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT 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