llcerd Company applies overhead to jobs on the basis of machine hours used. Overhead costs are expected to total $300,000 for the year, and machine usage is estimated at 125.000 hours. For the year, $322,000 of overhead costs are incurred and 130,000 hours are used. Instructions (a) Compute the manufacturing overhead rate for the year. (b) What is the amount of underor overapplied overhead at December 31? (c } Prepare the adjusting entry to assign the under or overapplied overhead for the year to cost of goods sold. NOTE: Enter a number in cells requesting a value; enter either a number or a formula. in cells with a. "?' . (a) Compute the manufacturing overhead rate for the year. Estimated total overhead cost Estimated machine hours Overhead rate |(b) What is the amount of underor overapplied overhead at December 31? Actual machine hours used Manufacturing overhead applied Manufacturing overhead incurred Manufacturing overhead over (under applied] |(c ) Prepare the adjusting entry to assign the under or overapplied overhead for the year to cost of goods sold. EEE m After you have completed E165, consider the following additional question. 1. Assume that the estimated total overhead for the year changed to $350,000. Determine the impact on this change on the overhead rate. the amount of manufacturing overhead over(under] applied. Revise the journal to dispose of over (under) applied overhead