Lott Company uses a job order cost system and applies overhead to production on the basis of direct labor costs. On January 1, 2017, Job No. 50 was the only job in process. The costs incurred prior to January 1 on this job were as follows: direct materials $ 21,800 , direct labor 13,080 , and manufacturing overhead $ 17,440 . As of January 1, Job No. 49 had been completed at a cost of 98,100 and was part of finished goods inventory. There was a $ 16,350 balance in the Raw Materials Inventory 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 also sold on account during the month for respectively. The following additional events occurred during the month 132,980 and $ 172,220, 1. Purchased additional raw materials of 98,100 on account. 2. Incurred factory labor costs of $ 76,300. Of this amount s 17,440 related to employer payroll taxes. 3. Incurred manufacturing overhead costs as follows: indirect materials 18,530 indirect labor 21,800 depreciation expense on equipment 13,080; and various other manufacturing overhead costs on account 17,440 Assigned direct materials and direct labor to jobs as follows. 4. Job No Direct Materials Direct Labor 50 51 52 $ 10,900 42,510 32,700 $5,450 27,250 21,800 xYour answer is incorrect. Try again. Calculate the predetermined overhead rate for 2017, assuming Lott Company estimates total manufacturing overhead costs of $915,600, direct labor costs of $763,000, and direct labor hours of 21,800 for the year. (Round answer to the nearest whole percent, eg, 25%.) Predetermined overhead rate