Ikerd Company applies manufacturing overhead to jobs on the basis of machine hours used. Overhead costs are estimated to total $312,500 for the year, and machine usage is estimated at 125,000 hours. For the year, $338,450 of overhead costs are incurred and 131,100 hours are used. (a) Your answer is correct. Compute the manufacturing overhead rate for the year. (Round answer to 2 decimal places, e.s. 1.25.) Manufacturing overhead rate per machine hour Your answer is partially correct. What is the amount of under-or overapplied overhead at December 31? Manufacturing Overhead eTextbook and Media List of Accounts Attempts: 1 of 5 used (c) The parts of this question must be completed in order. This part will be available when you complete the part above