Exercise 20-05 a-c (Part Level Submission) machine usage is estimated at 125,700 hours. For the year, $316,040 of overhead costs are incurred and 130,400 hours are used ny applies manufacturing overhead to jobs on the basis of machine hours used. Overhead costs are estimated to total $295,395 for the year, and Your answer is incorrect. Try again. Compute the manufacturing overhead rate for the year. (Round answer to 2 decimal places,e.g. 1.25 2.42 per machine hour