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A company estimated its annual overhead costs to be $2800000 and its direct labor costs to be $1400000. Actual overhead was $2750000, and actual labor

A company estimated its annual overhead costs to be $2800000 and its direct labor costs to be $1400000. Actual overhead was $2750000, and actual labor costs totaled $1500000. What is the companys predetermined overhead rate to the nearest cent?

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