Ivanhoe Company uses a job order cost system and applies overhead to production on the basis of direct labor costs. On January 1, 2022, Job 50 was the only job in process. The costs incurred prior to January 1 on this job were as follows: direct materials $21,600, direct labor $12,960, and manufacturing overhead $17,280. As of January 1, Job 49 had been completed at a cost of $97,200 and was part of finished goods inventory. There was a $16,200 balance in the Raw Materials Inventory account on January 1. During the month of January, Ivanhoe Company began production on Jobs 51 and 52, and completed Jobs 50 and 51. Jobs 49 and 50 were sold on account during the month for $131,760 and $170,640, respectively. The following additional events occurred during the month. 1. Purchased additional raw materials of $97,200 on account. 2. Incurred factory labor costs of $75,600. 3. Incurred manufacturing overhead costs as follows: depreciation expense on equipment $12,960; and various other manufacturing overhead costs on account $17,280. 4. Assigned direct materials and direct labor to jobs as follows. Job No. Direct Materials Direct Labor 50 $10.800 $5,400 51 42,120 27,000 52 32.400 21,600 5. Assigned indirect materials of $18,360 and indirect labor of $21,600. (a) Calculate the predetermined overhead rate for 2022, assuming Ivanhoe Company estimates total manufacturing overhead costs of $907,200, direct labor costs of $756,000, and direct labor hours of 21,600 for the year. Predetermined overhead rate %