For its fiscal year ending October 31, 2022, Monty Corp. reports the following partial data shown below. Income before income taxes $480,600 Income tax expense (20% × $373,800) 74,760 Income from continuing operations 405,840 Loss on discontinued operations 106,800 Net income $299,040 The loss on discontinued operations was comprised of a $44,500 loss from operations and a $62,300 loss from disposal. The income tax rate is 20% on all items. Prepare a correct statement of comprehensive income, beginning with income before income taxes.

Harris fabrics computes its predetermined overhead rate annually on the basis of direct labor-hours. at the beginning of the year, it estimated that 34,000 direct labor-hours would be required for the period’s estimated level of production. the company also estimated $599,000 of fixed manufacturing overhead expenses for the coming period and variable manufacturing overhead of $3.00 per direct labor-hour. harris's actual manufacturing overhead for the year was $768,234 and its actual total direct labor was 34,500 hours.required: compute the company's predetermined overhead rate for the year. (round your answer to 2 decimal places.)