Pharaoh Company applies operating overhead to photocopying jobs on the basis of machine hours used. It expects overhead costs to total 293755 for the year and estimates machine usage at 119900 hours. For the year, the company incurs 292800 of overhead costs and uses 121100 machine hours.

Pharoah Company applies operating overhead to photocopying jobs on the basis of machine hours used. It expects overhead costs to total $293,755 for the year and estimates machine usage at 119,900 hours. For the year, the company incurs $292,800 of overhead costs and uses 121,100 machine hours. Calculate the service overhead rate for the year. (Round answer to 2 decimal places, e.g. 15.25.) eTextbook and Media Calculate the amount of under- or over-applied overhead at December 31. Overhead eTextbook and Media List of Accounts Assuming the under-or over-applied overhead for the year is not allocated to inventory accounts, prepare the adjusting entry assign the amount to cost of jobs finished. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.)