Ikerd Company applies manufacturing overhead to jobs on the basis of machine hours used. Overhead costs are expected to total 350,959 for the year, and machine usage is estimated at 126,700 hours. For the year, $475,386 of overhead costs are incurred and 131,800 hours are used. Compute the manufacturing overhead rate for the year. (Round answer to 2 decimal places, e.g. 1.52.) Manufacturing overhead rate per machine hour VIDEO: APPLIED SKILLS What is the amount of under- or overapplied overhead at December 313 Manufacturing Overhead VIDEO: APPLIED SKILLS 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 Click if you would like to Show Work for this question: Ren Show Work