Wildhorse Company applies manufacturing overhead to jobs on the basis of machine hours used. Overhead costs are estimated to total $275,000 for the year, and machine usage is estimated at 125.000 hours. For the year, $322,000 of overhead costs are incurred, and 130,000 hours are used. Compute the manufacturing overhead rate for the year. (Round answer to 2 decimal places, e.g. 1.25.) Manufacturing overhead rate per machine hour eTextbook and Media List of Accounts What is the amount of under- or overapplied overhead at December 31? Manufacturing Overhead $