Ikerd Company applies manufacturing overhead to jobs on the basis of machine hours used. Overhead costs are estimated to total $303,360 for the year, and machine usage is estimated at 126,400 hours. For the year, $325,600 of overhead costs are incurred and 132,000 hours are used. (a) Compute the manufacturing overhead rate for the year. (Round answer to 2 decimal places, e.g. 1.25.) Manufacturing overhead rate $ per machine hour eTextbook and Media List of Accounts Save for Later Attempts: 0 of 2 used Submit