Exercise 2-1 (Algo) Compute a Predetermined Overhead Rate [LO2-1] Harris Fabrics computes its plantwide predetermined overhead rate annually based on direct labot-hours. At the beginning of the yesc; it estimafed 34,000 direct lobor-hours would be required for the period's estimated level of production. The compeny alto entimated $542,000 of fixed manufacturing overhead cost for the coming period and variable manufacturing overhead of $3.00 per direct labothour. Harris's actual manufocturing overbead cost for the year was $705,221 and its actual total direct labor was 34,500 hours. Required: Compute the company's plantwide predetermined overhead rate. Note: Round your answer to 2 decimal places