Ikerd Company applies manufacturing overhead to jobs on the basis of machine hours used. Overhead costs are estimated to total $347,325 for the year, and machine usage is estimated at 126,300 hours. For the year, $375,125 of overhead costs are incurred and 132,700 hours are used. (a) Your answer is correct. Compute the manufacturing overhead rate for the year. (Round answer to 2 decimal places, e.g. 1.25.) Manufacturing overhead rate 2.75 per machine hour What is the amount of under- or overapplied overhead at December 31? Manufacturing Overhead $