Please answer bottom question as well*

E16-5 File Home Insert Page Layout Fomulas Data Review View TEAM Tell me what you want to do Review PROTECTED VIEW Be careful-filesfrom the Internet can contain vituses, Unless you need to edit, it's safer to stay in Protected View Enable Editing N2 E16 5 Compude the manufacturing overhead rate and under or overapplied overhead Ikerd 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 under-or overappled 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 "?" 12 13 14 (a) Compute the manufacturing overhead rate for the year 15 16 Estimated total overhead cost Value Value Estimated machine hours 18 Overhead rate 1 (b) What is the amount of under or overappled overhead at December 31? 23 Actual machine hours used 24Manufacturing overhead applied sManufacturing overhead incurred Manufacturing overhead over (under applied) 9 (c) Prepare the adjusting entry to assign the under- or overapplied overhead for the year to cost of goods sold Value 31 ount Value 14 e Ater you have completed E2-5, consider the following additional question 1. Assume that the estimated total overhead for the year changed to $350,000 Determine 8 the impact on this change on the overhead rate, the amount of manufacturing overhead 19 over(lunder) applied Revise the journal to dispose of over (under) applied overhead E16-5 HP Compag LE2202