Henry Corporation calculates 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 63,000 labor-hours. The estimated variable manufacturing overhead was $12.00 per labor-hour and the estimated total fixed manufacturing overhead was $1,134,000. The actual labor-hours for the year turned out to be 65,900 labor-hours. Required: Compute the company's predetermined overhead rate for the recently completed year. (Round your answer to 2 decimal places.) Predetermined overhead rate per labor-hour

Henry Corporation calculates 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 63,000 labor-hours. The estimated variable manufacturing overhead was $12.00 per labor-hour and the estimated total fixed manufacturing overhead was $1,134,000. The actual fabor-hours for the year turned out to be 65.900 labor-hours. Required: Compute the company's predetermined overhead rate for the recently completed year. (Round your answer to 2 decimal places.)