View Policies Show Attempt History Current Attempt in Progress Ikerd Company applies manufacturing overhead to jobs on the basis of machine hours used. Overhead costs are estimated to total $354,480 for the year, and machine usage is estimated at 126,600 hours. For the year, $378,440 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.) Manufacturing overhead rate eTextbook and Media List of Accounts 2.80 per machine hour