Excercise $2-1($algo$)$ Compute a Predetermined Overhead rate Exercise $2-1($Algo$)$ Compute a Predetermined Overhead Rate $[$LO$2-1]$ Harris Fabrics computes its plantwide predetermined overhead rate annually on the basis of direct labor$-$hours. At the beginning of the year, it estimated that $39,000$ direct labor$-$hours would be required for the period's estimated level of production. The company also estimated $\backslash (\backslash$$ $550\mathrm{.}000\backslash )$ of fixed manufacturing overhead cost for the coming period and variable manufacturing overhead of $\backslash (\backslash$$ $3\mathrm{.}00\backslash )$ per direct labor$-$hour. Harris's actual manufacturing overhead cost for the year was $\backslash (\backslash$$ $742,701\backslash )$ and its actual total direct labor was $39,500$ hours: Required: Compute the company's plantwide predetermined overhead rate for the yeat. $($Round your answer to $2$ decimol places.$)$