Concord Manufacturing produces pumps for residential swimming pools. For the year, management estimated that total manufacturing overhead would be $ 1168000. Management decided to use direct labor hours to apply manufacturing overhead and budgeted 73000 direct labor hours. The balance in over- or underapplied overhead is deemed to be small. The following information was compiled before an adjustment had been made to close Manufacturing Overhead Control.

Raw Materials Inventory	$ 304940
Work in Process Inventory	$ 337960
Finished Goods Inventory	$ 756400
Actual direct labor hours used	68830
Actual overhead incurred	$ 1434520

What predetermined overhead rate did Concord use during the year (if necessary, round your answer to two decimal places)?

$ 16.97 per DLH

$ 20.33 per DLH

$ 19.65 per DLH

$ 16.00 per DLH