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ABC, Inc. uses a default allocation rate based on machine hours. To allocate indirect manufacturing costs At the beginning of the year, the company made

ABC, Inc. uses a default allocation rate based on machine hours. To allocate indirect manufacturing costs At the beginning of the year, the company made the following estimates

Total Budgeted Manufacturing Indirect Costs $632160
Budgeted indirect manufacturing overhead costs $316080
Machine-hours required to achieve budgeted production 200000

During the year, job #107 was started and completed. This job required 190 machine hours, 316 direct labor hours at a total cost of $370, and direct materials totaling $300.

REQUIRED: Determine the overhead allocation rate (round your answer to two decimal points)

Answer:

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