Sheridan Company applies manufacturing overhead to jobs on the basis of machine hours used. Overhead costs are estimated to total $264,500 for the year, and machine usage is estimated at 115,000 hours. For the year, $296.240 of overhead costs are incurred, and 119,600 hours are used. (a) Your answer has been saved. See score details after the due date. Compute the manufacturing overhead rate for the year. (Round answer to 2 decimal places, eg. 1.25) Manufacturing overhead rate $ 2.30 per machine hour eTextbook and Media List of Accounts Attempts: 1 of 1 used What is the amount of under-or overapplied overhead at December 31? Manufacturing Overhead $ eTextbook and Media List of Accounts (c) 21160 Underapplied Attempts: 1 of 1 used Prepare the adjusting entry to assign the under- or overapplied overhead for the year to cost of goods sold. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually) Account Titles and Explanation Debit Credit