Harris Fabrics computes its plantwide predetermined overhead rate annually on the basis of direct labor-hours. At the beginning of the year, it estimated that 41,000 direct labor-hours would be required for the period’s estimated level of production. The company also estimated $588,000 of fixed manufacturing overhead cost for the coming period and variable manufacturing overhead of $2.00 per direct labor-hour. Harris’s actual manufacturing overhead cost for the year was $742,496 and its actual total direct labor was 41,500 hours. Required:

Compute the company's predetermined overhead rate for the year.