A company estimated its annual overhead costs to be $1500000 and its direct labor costs to be $500000. Actual overhead was $1000000, and actual labor costs totaled $600000. What is the company's predetermined overhead rate to the nearest cent?

$2.00

O $1.67

O $3.00

O $2.50

A company estimated its annual overhead costs to be $1500000 and its direct labor costs to be $500000. Actual overhead was $1000000, and actual labor costs totaled $600000. What is the company's predetermined overhead rate to the nearest cent? $2.00 $1.67 $3.00 $250