Electric Car Company listed the following data for the current year: Budgeted factory overhead $ 1,044,000 Budgeted direct labor hours 69,600 Budgeted machine hours 24,000 Actual factory overhead 1,037,400 Actual labor hours 72,600 Actual machine hours 23,600 Assuming Electric Car Company applied overhead based on direct labor hours, the company's predetermined overhead rate for the year is