(EXERCISE 5-3 Compute the Predetermined Overhead Rate [LO3] Logan Products computes its predetermined overhead rate annually on the basis of machine-hours. At the beginning of the year, it estimated that its total manufacturing overhead would be $250,000 and machines would be run a total of 10,000 hours. Its actual total manufacturing overhead for the year was $236,400 and its actual total machine-hours was 16,500 hours. Required: Compute the company's predetermined overhead rate for the year