Ikerd Company applies manufacturing overhead to jobs on the basis of machine hours used. Overhead costs are estimated to total $345,675 for the year, and machine usage is estimated at 125,700 hours. For the year, $372,125 of overhead costs are incurred and 131,500 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 $enter a dollar amount rounded to 2 decimal places per machine hour