Ikerd Company applies manufacturing overhead to jobs on the basis of machine hours used Overhead costs are estimated to total $295,395 for the year, and machine usage is estimated at 125,700 hours. For the year. $316,040 of overhead costs are incurred and 130,400 hours are used. (a) Compute the manufacturing overhead rate for the year. (Round answer to 2 decimal places, eg. 1.25.) Manufacturing overhead rate $ per machine hour