Exercise 15-5 (Part Level Submission) Ikerd Company applies manufacturing overhead to jobs on the basis of machine hours used. Overhead costs are expected to total $353,214 for the year, and machine usage is estimated at 126,600 hours. For the year, $384,622 of overhead costs are incurred and 131,800 hours are used. (a) Compute the manufacturing overhead rate for the year. (Round answer to 2 decimal places, e.g. 1.52.) Manufacturing overhead rate per machine hour