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Gravel Inc. had the following information relating to year 2020: Budgeted Factory Overhead Php74,800 Actual Factory Overhead 78,300 Applied Factory Overhead 76,500 Estimated direct labor

Gravel Inc. had the following information relating to year 2020:

Budgeted Factory Overhead Php74,800

Actual Factory Overhead 78,300

Applied Factory Overhead 76,500

Estimated direct labor hours 44,000

If Gravel decides to use the actual results from year 2020 to determine the year 2021 overhead rate, what is the year 2021 overhead rate?

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