Practice Exercise 2 (Part Level Submission) Ikerd Company applies manufacturing overhead to jobs on the basis of machine hours used. Overhead costs are estimated to total $344,025 for the year, and machine usage is estimated at 125,100 hours. For the year, $366,875 of overhead costs are incurred and 130,100 hours are used. Manufacturing overhead rate $ per machine hour Manufacturing Overhead $ repare 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