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)