Ivanhoe Manufacturing is a small manufacturer that uses machine hours as its activity base for assigning overhead costs to jobs. The company estimated the following amounts for 2022 for the company and for Job 62:

		Company		Job 62
Direct materials		$64,800		$5,000
Direct labor		$27,000		$3,400
Manufacturing overhead costs		$82,620
Machine hours		97,200		1,500

During 2022, the actual machine hours totaled 102,600, and actual overhead costs were $76,400.

Compute the predetermined overhead rate.

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