Mccaughan Corporation bases its predetermined overhead rate on the estimated labor-hours for the upcoming year. Data for the most recently completed year appear below: Estimates made at the beginning of the year: Estimated labor-hours 37,000 Estimated variable manufacturing overhead $ 4.43 per labor-hour Estimated total fixed manufacturing overhead $ 705,220 Actual labor-hours for the year 32,100 Required: Compute the company's predetermined overhead rate for the recently completed year