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Excel Accounting Principles E20.5 (LO 3.5) Ikerd Company applies manufacturing overhead to jobs on the basis of machine hours used. Overhead costs are estimated 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. Compute the manufacturing overhead rate and under-or overapplied overhead. CC-OZ Instructions a. Compute the manufacturing overhead rate for the year. b. What is the amount of under- or 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