Ikerd Company applies manufacturing overhead to jobs on the basis of machine hours used. Overhead costs are estimated to total $307,965 for the year, and machine usage is estimated at 125,700 hours. For the year, $331,105 of overhead costs are incurred and 130,900 hours are used.

Compute the manufacturing overhead rate for the year. (Round answer to 2 decimal places, e.g. 1.25.)

Manufacturing overhead rate		$enter a dollar amount rounded to 2 decimal places	per machine hour

What is the amount of under- or overapplied overhead at December 31?

Manufacturing Overhead

$enter the manufacturing Overhead in dollars select a type of overhead UnderappliedOverapplied

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
enter an account title	enter a debit amount	enter a credit amount
enter an account title	enter a debit amount	enter a credit amount

Please provide math/explanations