69. During 2007, Jackson Company estimated that its manufacturing employees would work 80,000

direct labor hours. During the year the company actually worked 75,000 direct labor hours. Actual

manufacturing overhead costs amounted to $344,000. Jackson applies overhead cost on the basis of direct

labor hours. The manufacturing overhead account was overapplied by $16,000 during 2003. Based on this

information the predetermined overhead rate was $4.80 per labor hour. How do you work out this problem to find the predetermined overhead rate ($4.80 per hour)?