Sheridan Company applies manufacturing overhead to jobs on the basis of machine hours used. Overhead costs are estimated to total $342,000 for the year, and machine usage is estimated at 142,500 hours. For the year. $367.080 of overhead costs are incurred, and 148,200 hours are used. Your answer is incorrect. Compute the manufacturing overhead rate for the year. (Round answer to 2 decimal places, eg, 1.25.) Manufacturing overhead rate $ 2.47 per machine hour What is the amount of under-or overapplied overhead at December 31? Manufacturing Overhead $ Overapplied e Textbook and Media List of Accounts Your answer is incorrect. 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 Cost of Goods Sold