Moody Corporation uses a job-order costing system with a plantwide overhead rate based on machine-hours. At the beginning of the year, the company made the following estimates: Machine-hours required to support estimated production 153,000 Total estimated manufacturing overhead cost $ 1,369,350 Required: 1. Compute the predetermined overhead rate. (Do not round intermediate calculations. Round your answer to 2 decimal places.) Moody Corporation uses a job-order costing system with a plantwide overhead rate based on machine-hours. At the beginning of the year, the company made the following estimates: Machine-hours required to support estimated production 153,000 Total estimated manufacturing overhead cost $ 1,369,350 Required: 1. Compute the predetermined overhead rate. (Do not round intermediate calculations. Round your answer to 2 decimal places.)