View Policies Current Attempt in Progress Ikerd Company applies manufacturing overhead to jobs on the basis of machine hours used. Overhead costs are expected to total $339,292 for the year, and machine usage is estimated at 125,200 hours, For the year, $436,375 of overhead costs are incurred and 132,500 hours are used. vvnat is the amount or under-or overapprea overnead at vecember 31: Manufacturing Overhead $ 77300 Underapplied List of Accounts Prepare the adjusting entry to assign the under-or overapplied overhead for the year to cost of goods sold. (Credit account tit are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Credit Debit I List of Accounts