Lott Company uses a job order cost snstem and applies overhead to groduction on the basis of direct labor costs. On January 1, 2020. Job 50 was the only job in process. The costs incurred prior to January 1 on this job were as follows: direct muterials $23,200, direct labor $13.920. and manufacturing overhead $18,560. As of january 1, Job 49 had been completed at a cost of $104,400 and was part of finished goods inventory. There was a $17,400 balance in the Raw Materials lementory account. During the month of January, Lott Company began production on Jobs 51 and 52, and completed Jobs 50 and 51 . Jobs 49 and 50 were atso sold on account during the month for \$141.520 and \$183280, respectively. The following additional events occurred during the menth 1 Purchased additional raw materials of $104,400 on account. 2. Incurred factory labor costs of $81,200 or this amount $18 s. $ relahed to employef parroli tanes. 3. Incurred manufacturing overfead costs as follown: indicect materiak $19,720, indirect labor $23,200; depreciatian evpense on equipment $12920, and various other manulocturing overhead costs on account $18,560. 4. Astiened direct materials and direct labor to jobs as follows Calculate the predetermined overhead rate for 2020, assuming Lott Company estimates total manufacturing overhead costs of $974,400, direct labor costs of $812,000, and direct labor hour $23,200 for the year. Predetermined averhead rate