Digger Inc. sells a high-speed retrieval system for mining information. It provides the following information for the year. Budgeted Actual Overhead cost Machine hours Direct labor hours $1,207,340 $1,181,340 60,900 47,900 106,000 102,000 Overhead is applied on the basis of direct labor hours. Compute the predetermined overhead rate. (Round answer to 2 decimal places, e.g. 12.25.) Predetermined overhead rate $ for per direct labor hour