Select cost information for Klondike Corporation is as follows: 1,000 units of output 2,000 units of output Total Cost/Unit Total Cost/Unit Direct materials $ 4,000 $ 4.00 $ 8,000 $ 4.00 Rent expense $ 2,000 $ 2.00 $ 2,000 $ 1.00 Based on this information:

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.)