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Compute the manufacturing overhead rate for the year

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Ikerd Company applies manufacturing overhead to jobs on the basis of machine hours used. Overhead costs are expected to total $341,523 for the year, and machine usage is estimated at 125,100 hours.

For the year, $427,173 of overhead costs are incurred and 130,100 hours are used.

Compute the manufacturing overhead rate for the year. (Round answer to 2 decimal places, e.g. 1.25. and show your work)

Reference no: EM131804741

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