Sheridan Company applies manufacturing overhead to jobs on the basis of machine hours used. Overhead costs are estimated to tota $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. Compute the manufacturing overhead rate for the year. (Round answer to 2 decimal places, eg. 1.25.) Manufacturing overhead rate $ 2.58 per machine hour - / 15 III What is the amount of under or overapplied overhead at December 31? Manufacturing Overhead $ 12328 Underapplied e Textbook and Media List of Accounts 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 I e Textbook and Media