Question 5 of 5 View Policies Show Attempt History Current Attempt in Progress 0.33/2 ET Sheridan Company applies manufacturing overhead to jobs on the basis of machine hours used. Overhead costs are expected to total $487,500 for the year, and machine usage is estimated at 125.000 hours. For the year, $513,000 of overhead costs are incurred and 130,000 hours are used. (a) Your Answer Correct Answer Your answer is incorrect. Compute the manufacturing overhead rate for the year. (Round answer to 2 decimal places, e.g. 52.75.)