Digger Inc. sells a high-speed retrieval system for mining information. It provides the following information for the year. Actual Overhead cost Machine hours Direct labor hours Budgeted $940,310 55,500 101,000 $913,310 47,300 96,300 Overhead is applied on the basis of direct labor hours. Compute the predetermined overhead rate (Round answer to 2 decimal places, e.8. 12.25.) $ Predetermined overhead rate per direct labor hour 1