Ikerd Company applies manufacturing overhead to jobs on the basis of machine hours used. Overhead costs are expected to total $275, 000 for the year, and machine usage is estimated at 125, 000 hours. For the year, $296, 000 of overhead costs are incurred and 130, 000 hours are used. What is the amount of under- or overapplied overhead at December 31? Prepare the adjusting entry to assign the under- or overapplied overhead for the year to cost of goods sold