Ikerd Company applies manufacturing overhead to jobs on the basis of machine hours used. Overhead costs are estimated to total $309,680 for the year, and machine usage is estimated at 126,400 hours. For the year, $330,930 of overhead costs are incurred and 131,400 hours are used. Compute the manufacturing overhead rate for the year. (Round answer to 2 decimal places, e.g. 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 31 ? Manufacturing Overhead $ eTextbook and Media 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.) A job order cost sheet for Ryan Company is shown below. (a) On the basis of the foregoing data, answer the following questions. (1) What was the balance in Work in Process Inventory on January 1 if this was the only unfinished job? Balance in Work in Process Inventory on January 1 (2) If manufacturing overhead is applied on the basis of direct labor cost, what overhead rate was used in each year? (Round answers to 0 decimal places, e.g. 55\%.) (b) Prepare summary entries at January 31 to record the current year's transactions pertaining to Job No. 92 . (Credit account titles are automatically indented when amount is entered. Do not indent manually.)