Luzadis Company makes furniture using the latest automated technology. The company uses a job-order costing system and applies manufacturing overhead cost to products on the basis of machine-hours. The following estimates were used in preparing the predetermined overhead rate at the beginning of the year Machine-hours Fixed manufacturing overhead cost Variable manufacturing overhead per computer-hour 83,000 $1,279,000 3.80 During the year, a glut of furniture on the market resulted in cutting back production and a buildup of furniture in the company's warehouse. The company's cost records revealed the following actual cost and operating data for the year Machine-hours Manufacturing overhead cost Inventories at year-end 50,000 $ 1018,000 Raw materials Work in process (includes overhead applied of 76,840) Finished goods (includes overhead applied of 249,730) $ 420,000 $ 160,000 $ 1,020,000 2,780,000 Cost of goods sold (includes overhead applied of 633,930) Required: 1 Compute the company's predetermined overthead ate for he year (Round your answr to 2 decimal places.) Predetermined overhead rate per hour