Ikerd Company applies manufacturing overhead to jobs on the basis of machine hours used. Overhead costs are estimated to total $338,040 for the year, and machine usage is estimated at 125,200 hours. For the year, $368,350 of overhead costs are incurred and 132,500 hours are used. Compute the manufacturing overhead rate for the year. (Round answer to 2 decimal places, .. 1.25.) Manufacturing overhead rate per machine hour INTEX LINK TO TEX What is the amount of under or overapplied overhead at December 31 Manufacturing Overhead 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 inden manually.) Account Titles and Explanation Debit Credit