Exercise 16-5 Ikerd Company applies manufacturing overhead to jobs on the basis of machine hours used. Overhead costs are expected to total $315,234 for the year, and machine usage is estimated at 126,600 hours. For the year, $386,680 of overhead costs are incurred and 132,000 hours are used. Compute the manufacturing overhead rate for the year. (Round ansiver to 2 decimal places, e.g. 1.25 Manufacturing overhead rate s per machine hour LINK TO TEXT LINK TO TEXT VIDEO: APPLIED SKILLS What is the amount of under- or overapplied overhead at December 31