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 $275,000 for the year, and machine usage is estimated at 125,000 hours. For the year, $296,000 of overhead costs are incurred and 130,000 hours are used. (a) Your answer is correct. Compute the manufacturing overhead rate for the year. (Round answer to 2 decimal places, e.g. 1.52.) Manufacturing overhead rate $ per machine hour Click if you would like to Show Work for this question: Open Show Work Show List of Accounts Show Solution Show Answer Link to Text Link to Text Attempts: 1 of 3 used (b) What is the amount of under- or overapplied overhead at December 31? Manufacturing Overhead $