Ikerd company applies manufacturing overhead to jobs on the basis of machine hours used. Overhead costs are estimated 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

a)compute the manufacturing overhead rate for the year

b)what is the amount of under- overapplied overhead at December 31

c) prepare the adjusting entry to assign the under- or overapplied overhead for the year to cost of goods sold