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 atthe beginning of the year: 80,000 Machine-hours 1,276,000 Fixed manufacturing overhead cost Variable manufacturing overhead per computer-hour 3.70 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 50,000 Machine-hours Manufacturing overhead cost $1,071,000 Required 1. Compute the company's predetermined overhead rate for the year. (Round your answer to 2 decimal places.) Predetermined overhead rate per hour