Franklin Manufacturing uses two production departments to make its products. The budgeted overhead costs for the current year are listed below. Franklin Manufacturing applies overhead costs to products based on direct labor hours, using a single plantwide factory overhead rate. Budgeted Factory Overhead Costs: Production Department 1 $160,000 Production Department 2 340,000 Budgeted Direct Labor Hours: Production Department 1 12,000 Production Department 2 8,000 Required: What is Franklin Manufacturing's single plant-wide factory overhead rate