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Henkes Corporation bases its predetermined overhead rate on the estimated labor-hours for the upcoming year....

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Accounting

Henkes Corporation bases its predetermined overhead rate on the estimated labor-hours for the upcoming year. At the beginning of
the most recently completed year, the company estimated the labor-hours for the upcoming year at 64,000 labor-hours. The estimated
variable manufacturing overhead was $8.30 per labor-hour and the estimated total fixed manufacturing overhead was $1,043,200. The
actual labor-hours for the year turned out to be 67,200 labor-hours.
Required:
Compute the company's predetermined overhead rate for the recently completed year.
Note: Round your answer to 2 decimal places.
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