Kayak Company uses a job order costing system and allocates its overhead on the basis of direct labor costs; it allocated $7,000 of overhead during the year. Kayak Company's production costs for the year were: direct labor of $40,000 and direct materials of $60,000 What was the predetermined overhead rate? Your answer should be in a 4-decimal format. For example, if your answer is 15.5%, please put your answer as 1550