3. 5. 1 The Gay Smithers Fabrication Plant suffered a fire incident in September, and most of the records for the year were destroyed. The following accounting data for the year were recovered: Total manufacturing overhead estimated at the beginning of the year $101,820 $186,000 Total direct labor costs estimated at the beginning of the year Total direct labor hours estimated at the beginning of the year 3400 direct labor hours Actual manufacturing overhead costs for the year $99,370 Actual direct labor costs for the year $150,000 Actual direct labor hours for the year 2000 direct labor hours The company bases its manufacturing overhead allocation on the number of direct labor hours. What was the predetermined overhead allocation rate for the year? Round your answer to the nearest cent. (Ctrl)