Ikerd Company applies manufacturing overhead to jobs on the basis of machine hours used. Overhead costs are expected to total $309,680 for the year, and machine usage is estimated at 126,400 hours. For the year, $385,530 of overhead costs are incurred and 131,400 hours are used. Collapse question part (a) Compute the manufacturing overhead rate for the year. (Round answer to 2 decimal places, e.g. 1.25.)