E Concord Company uses a job order cost system and applies overhead to production on the basis of direct labor costs. On January 1, 2020, Job 50 was the only job in process. The costs incurred prior to January 1 on this job were as follows: direct materials $ 23,400 direct labor $14.040 and manufacturing overhead 5 18,720. As of January 1, Job 49 had been completed at a cost of $ 105,300 and was part of finished goods inventory. There was a $ 17.550 balance in the Raw Materials inventory account. During the month of January, Concord Company began production on Jobs 51 and 52, and completed Jobs 50 and 51. Jobs 49 and so were sold during the month. The following additional events occurred during the month, 1 Purchased additional raw materials of $ 105,300 on account Incurred factory labor costs of $81.900 3. incurred manufacturing overhead costs as follows: Indirect materials $19.890: Indirect labor $23.400 depreciation expense on equipment $ 14.040 and various other manufacturing overhead costs on account $ 18.720 Assigned direct materials and direct labor to jobs as follows 2 4. - Job No. Direct Materials Direct Labor 50 $11.700 $5.850 51 45.630 29.250 52 35.100 23.400 (a) Calculate the predetermined overhead rate for 2020. assuming Concord Company estimates total manufacturing covered costs of $ 982.800 direct labor costs of 5 819,000 and direct labor hours of 23.400 for the year (Round answer to the newest whole percent es. 25%) Predetermined overhead rate