Exercise 2-1 Compute a Predetermined Overhead Rate [LO2-1]

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 25,000 direct labor-hours would be required for the periods estimated level of production. The company also estimated $564,000 of fixed manufacturing overhead cost for the coming period and variable manufacturing overhead of $4.00 per direct labor-hour. Harriss actual manufacturing overhead cost for the year was $719,355 and its actual total direct labor was 25,500 hours.

Required:

Compute the companys plantwide predetermined overhead rate for the year. (Round your answer to 2 decimal places.)