JVC Polo Manufacturing Company wants to develop a plantwide overhead rate based on machine hours for the assignment of factory overhead cost to jobs. Polo Company estimates that 15,000 direct labor hours and 20,000 machine hours will be worked during next year. Polo has provided the following estimated costs for the next year: Direct materials cost Direct labor cost Sales commissions Salary of production supervisor Depreciation - factory equipment Utilities of which $3,000 is used by factory Indirect materials Supplies of which $4,500 is used by factory Advertising expense President salary Rent on factory equipment $33,600 $100,800 $130,000 $70,000 $6,000 $4,200 $12,800 $6,000 $28,000 $46,800 $14.400 Compute the predetermined overhead rate for the assignment of factory overhead costs to jobs during upcoming year. Example of answer: 2.10 per