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*Exeroise 2-5 (Video) Ikerd Company applies manufacturing overhead to jobs on the basis of machine hours used. Overhead costs are estimated to total $348,425 for the year, and machine usage is estimated at 126,700 hours. For the year, $371,650 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. 1.25.) Manufacturing overhead rate $ per machine hour What is the amount of under- or overapplied overhead at December 31? Manufacturing Overhead $ v 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