Ikerd Company applies manufacturing overhead to jobs on the basis of machine hours used. Overhead costs are expected to total $280,896 for the year, and machine usage is estimated at 125,400 hours. For the year, $400,896 of overhead costs are incurred and 130,400 hours are used. Compute the manufacturing overhead rate for the year. (Round answer to 2 decimal places, e.g. 1.25.) Manufacturing overhead rate.24 What is the amount of under- or overapplied overhead at December 31? Manufacturing Overhead 292096 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 per machine hour s Underapplied indent manually) Account Titles and Explanation Cost Debit Credit Manufacturing Overhead