Ikerd Company applies manufacturing overhead to jobs on the basis of machine hours used. Overhead costs are estimated to total $ 282,150 for the year, and machine usage is estimated at 125,400 hours. For the year. $ 302,900 of overhead costs are incurred and 130,400 hours are used. Compute the manufacturing overhead rate for the year. (Round answer to 2 decimal places, c.8. 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 317 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 Indent manually) Account Titles and Explanation Debit Credit