O'Reilly Corporation uses direct labor-hours tocalculate its annual plantwide predetermined overhead. For the current period's estimated level of production, O'Reilly Corporationestimated that 31,000 direct labor-hours would be required.Estimated fixed manufacturing overhead cost is $540,000for the current period and variable manufacturing overhead cost of $3.00 per direct labor-hour. O'Reilly Corporation's actual manufacturing overhead cost for the period was $696,760 and its actual total direct labor was 31,500 hours. Compute the company's plantwide predetermined overhead rate for the year.