A company's annual overhead costs are estimated to be $400,000 and direct labor costs to be $1,000,000. Actual overhead was $305,000, and actual labor costs totaled $1,100,000. How much is the company's predetermined overhead rate to the nearest cent?

A company's annual overhead costs are estimated to be $400,000 and direct labor costs to be $1,000,000. Actual overhead was $305,000, and actual labor costs totaled $1,100,000. How much is the company's predetermined overhead rate to the nearest cent