Ikerd Company applies manufacturing overhead to jobs on the basis of machine hours used. Overhead costs are expected 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- or overapplied overhead at December 31st?

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

**Want to double check all of my answers but would like a more detailed explanation of problem "C"

Thank you!