Ikerd Company applies manufacturing overhead to jobs on the basis of machine hours used. Overhead costs are estimated to total $325,520 for the year, and machine usage is estimated at 125,200 hours. For the year, $354,200 of overhead costs are incurred and 132,000 hours are used. (a) Your Answer Correct Answer (Used) * Your answer is incorrect. Compute the manufacturing overhead rate for the year. (Round answer to 2 decimal places, e.g. 1.25.) Manufacturing overhead rate $ 2.59 per machine hour (b) eTextbook and Media Solution List of Accounts What is the amount of under- or overapplied overhead at December 31? Manufacturing Overhead $ Attempts: 2 of 2 used