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Jokic Company provided the following information from its accounting records for 2020: Estimated production 63,000 labor hours Actual production 68,000 labor hours Budgeted overhead $1,713,000

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Jokic Company provided the following information from its accounting records for 2020: Estimated production 63,000 labor hours Actual production 68,000 labor hours Budgeted overhead $1,713,000 Actual overhead $1,741,000 Jokic bases its overhead application rate on direct labor hours. What is the overhead rate per labor hour (to the nearest penny)

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