Monk Corporation bases its predetermined overhead rate on the estimated labor$-$hours for the upcoming year. At the beginning of the most recently completed year, the company estimated the labor$-$hours for the upcoming year at $55,000$ labor$-$hours. The estimated variable manufacturing overhead was $$10\mathrm{.}50$ per labor$-$hour and the estimated total fixed manufacturing overhead was $$1,061,500.$ The actual labor$-$hours for the year turned out to be $53,800$ labor$-$hours.

$01736$

Required:

Compute the company's predetermined overhead rate for the recently completed year.

Note: Round your answer to $2$ decimal places.

Predetermined overhead rate

per labor$-$hour