Ikerd Company applies manufacturing overhead to jobs on the basis of machine hours used. Overhead costs are expected to total $314,712 for the year, and machine usage is estimated at 126,900 hours. For the year, $351,100 of overhead costs are incurred and 130,000 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 List of Accounts What is the amount of under-or overapplied overhead at December 31? Manufacturing Overhead $ List of Accounts 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