Exercise 15-5 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. Compute the manufacturing overhead rate for the year. (Round answer to 2 decimal places, e.g. 1.52.) Manufacturing overhead rate per machine hour $ SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT VIDEO: APPLIED SKILLS What is the amount of under- or overapplied overhead at December 31? Manufacturing Overhead