Ikerd Company applies manufacturing overhead to jobs on the basis of machine hours used. Overhead costs are expected 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 manufactunng overhead rate for the year. (Round answer to 2 decimal places, e.g. 1.52.) Manufacturing overhead rate per machine hour LINK TO TEXT LINK TO TEXT VIDEO: APPLIED SKILLS What is the amount of under- or overapplied overhead at December 31? Manufacturing Overhead LINK TO TEXT LINK TO TEXT VIDEO APPLIED SKILLS What is the amount of under- or overapplied overhead at December 31? Manufacturing Overheads LINK TO TEXT LINK TO TEXT VIDEO: APPLIED SKILLS Prepare the adjusting entry to assign the under- or overapplied overhead for the year to cost of goods sold. (Credi automatically indented when amount is entered. Do not indent manually.) Debit Credit Account Titles and Explanation