Ikerd Company applies manufacturing overhead to jobs on the basis of machine hours used. Overhead costs are estimated to total $344,025 for the year, and machine usage is estimated at 125,100 hours. For the year, $366,875 of overhead costs are incurred and 130,100 hours are used. * Your answer is incorrect. Compute the manufacturing overhead rate for the year. (Round answer to 2 decimal places, e.g. 1.25.) Manufacturing overhead rate $ eTextbook and Media List of Accounts Your answer is partially correct. 9100 per machine hour What is the amount of under- or overapplied overhead at December 31? Manufacturing Overhead $ eTextbook and Media List of Accounts Your answer is correct. 2.75 Underappiled 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 Cost of Goods Sold Manufacturing Overhead Debit 9100 Credit 9100