Logan Products computes its predetermined overhead rate annually on the basis of direct labor-hours. At the beginning of the year, it estimated that 28,000 direct labor-hours would be required for the period's estimated level of production. The company also estimated $593,000 of fixed manufacturing overhead expenses for the coming period and variable manufacturing overhead of $3.00 per direct labor-hour. Logan's actual manufacturing overhead for the year was $733,264 and its actual total direct labor was 28,500 hours. Required: Compute the company's predetermined overhead rate for the year. (Round your answer to 2 decimal places.)
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