Austin Company uses a job order cost accounting system. The company's executives estimated that direct labor would be $3,960,000 (180,000 hours at $22/hour) and that factory overhead would be $1,480,000 for the current period. At the end of the period, the records show that there had been 160,000 hours of direct labor and $1,180,000 of actual overhead costs. Using direct labor hours as a base, what was the predetermined overhead allocation rate?