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A company expected its annual overhead costs are expected to be $600,000 and direct labor costs to be $1,000,000. Actual overhead was $580,000, and actual

A company expected its annual overhead costs are expected to be $600,000 and direct labor costs to be $1,000,000. Actual overhead was $580,000, and actual labor costs totaled $1,100,000. How much is the companys predetermined overhead rate to the nearest cent?

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