Problemt. Compute 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 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. NOTE: Enter a number in cells requesting a value; enter either a number or a formula in cells with a "?". (a) Compute the manufacturing overhead rate for the year. Estimated total overhead cost Estimated machine hours Overhead rate Value Value ? (b) What is the amount of under-or overapplied overhead at December 31? Actual machine hours used Value Manufacturing overhead applied ? Manufacturing overhead incurred Value Manufacturing overhead over (under applied) ? (c) Prepare the adjusting entry to assign the under-or overapplied overhead for the year to cost of goods sold Value Account Account Value (d) Assume that the estimated total overhead for the year changed to $350,000. Determine the impact on this change on the overhead rate, the amount of manufacturing overhead over(under) applied. Revise the journal to dispose of over (under) applied overhead, Overhead rate Actual machine hours used Manufacturing overhead applied Manufacturing overhead incurred Manufacturing overhead over (under applied) ? Value ? Value ? Value Account Account Value