On January 1, 2020, X Company estimated the following costs for the year: Direct materials Direct labor Factory supplies Factory supervision Advertising Factory rent Sales salaries Factory insurance $65,500 89,600 20,400 28,200 40,700 41,100 42,000 68,000 X Company also estimated 5,600 direct labor hours and 61,000 machine hours for the year. The company uses a plantwide overhead allcoation system, with direct labor cost as the cost driver. If the direct labor cost for one of its products was $8,960, and the product required 784 direct labor hours, how much overhead was allocated to it (round overhead rate(s) to two decimal places)