Henkes Corporation bases its predetermined overhead rate on the estimated labor-hours for the upcoming year. At the beginning of the most recently completed year, the company estimated the labor-hours for the upcoming year at 55,000 labor-hours. The estimated variable manufacturing overhead was $10.50 per labor- hour and the estimated total fixed manufacturing overhead was $1,061,500. The actual labor-hours for the year turned out to be 53,800 labor-hours. Required: Compute the company's predetermined overhead rate for the recently completed year. (Round your answer to 2 decimal places.) Paragraph B IEE BIENE