Pharoah Company applies manufacturing overhead to jobs on the basis of machine hours used. Overhead costs are estimated to total $348,425 for the year, and machine usage is estimated at 126,700 hours. For the year, $371,650 of overhead costs are incurred and 131,800 hours are used. (a) Your answer is correct. Compute the manufacturing overhead rate for the year. (Round answer to 2 decimal places, eg. 1.25.) (b) Manufacturing overhead rate S eTextbook and Media List of Accounts 2.75 per machine hour What is the amount of under- or overapplied overhead at December 31? Manufacturing Overhead $ eTextbook and Media List of Accounts Save for Later Attempts: 1 of 3 used Attempts: 0 of 3 used Submit Answer