Send to Gradebook 0.72/1 Question 2 View Policies Show Attempt History Current Attempt in Progress Ikerd Company applies manufacturing overhead to jobs on the basis of machine hours used. Overhead costs are expected to total $326,772 for the year, and machine usage is estimated at 125,200 hours. For the year, $363,320 of overhead costs are incurred and 132,000 hours are used. Your answer is correct. Compute the manufacturing overhead rate for the year. (Round answer to 2 decimal places, e.g. 1.52.) Manufacturing overhead rate $ 261 per machine hour e Textbook and Media List of Accounts Your answer is partially correct. What is the amount of under-or overapplied overhead at December 31? Manufacturing Overhead $ Underapplied Your answer is partially correct What is the amount of under-or overapplied overhead at December 31? Manufacturing Overhead $ Underapplied e Textbook and Media List of Accounts - Your answer is partially correct Prepare the adjusting entry to assign the under or overapplied overheackor 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 Cost of Goods Sold Manufacturing Overhead e Textbook and Media List of Accounts