Harris Fabrics computes its plantwide predetermined overhead rate annually on the basis of direct labor-hours. At the be

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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 34,000 direct labor-hours would be
required for the period’s estimated level of production. The
company also estimated $517,000 of fixed manufacturing overhead
cost for the coming period and variable manufacturing overhead of
$4.00 per direct labor-hour. Harris’s actual manufacturing overhead
cost for the year was $717,803 and its actual total direct labor
was 34,500 hours.
Required:
Compute the company’s plantwide predetermined overhead rate for
the year. (Round your answer to 2 decimal
places.)