Ivanhoe Company applies manufacturing overhead to jobs on the basis of machine hours used. Overhead costs are estimated to total $225,750 for the year, and machine usage is estimated at 107,500 hours. For the year. $ 276,920 of overhead costs are incurred, and 111,800 hours are used. - Your answer is partially correct. Prepare the adjusting entry to assign the under-or overapplied overhead for the year to cost of goods sold. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Cost of Goods Sold 42140 Manufacturing Overhead