Exercise 2-5 (Video) (Part Level Submission) tkerd Compamy applies manufacturing overhead to jobs on the basis of machine hours used. Overhead costs are estimated to total $338,040 for the year, and machine usage is estimated at 125,200 hours. For the year, $368,350 of overhead costs are incurred and 132,500 hours are used. (e). Your answer is correct Compute the manufacturing overhead rate for the year. (Round answer to 2 decimal places, e-g. 1.2s5.) Manufacturing overhead rate 2.7 per machine hour Attemp "(b) What is the amount of under or overapplied overhead at December 31? Manufacturing Overhead