Ikerd Company applies manufacturing overhead to jobs on the basis of machine hours used. Overhead costs are estimated to total $ 275,000 for the year, and machine usage is estimated at 125.000 hours. For the year. $ 296,000 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. 1.25.) Manufacturing overhead rate $ per machine hour eTextbook and Media List of Accounts What is the amount of under-or overapplied overhead at December 31? Manufacturing Overhead $ $ e Textbook and Media List of Accounts i e Textbook and Media 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 e Textbook and Media List of Accounts Save for Later Attempts: 0 of 3 used Submit Answer Using multiple attempts will impact your score