Sheridan Company applies manufacturing overhead to jobs on the basis of machine hours used. Overhead costs are estimated to total $264,500 for the year, and machine usage is estimated at 115,000 hours. For the year, $296,240 of overhead costs are incurred, and 119,600 hours are used. (a) Compute the manufacturing overhead rate for the year. (Round answer to 2 decimal places, e.g. 1.25.) Manufacturing overhead rate $ per machine hour