Ikerd Company applies manufacturing overhead to jobs on the basis of machine hours used. Overhead costs are expected to total $315,000 for the year, and machine usage is estimated at 125,000 hours. For the year, $391,572 of overhead costs are incurred and 131.100 hours are used. Compute the manufacturing overhead rate for the year. (Round answer to 2 decimal places, es. 1.52) Manufacturing overhead rate per machine hour $ List of Accounts What is the amount of under or overapplied overhead at December 31? Manufacturing Overhead $ 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