Precision Manufacturing Inc. (PMI) makes two types of industrial component parts-the EX300 and the TX500. It annually produces 60,000 units of EX300 and 12,500 units of TX500. The company's conventional cost system allocates manufacturing overhead to products using a plantwide overhead rate and direct labor dollars as the allocation base. Additional information relating to the company's two product lines is shown below EX300 TX500 $366,325 $162,550$528,875 $120.000 42,500 $162,500 Total Direct materials Direct labor The company is considering implementing an activity-based costing system that distributes all of its manufacturing overhead to four activities as shown below Activity Activity Cost Pool (and Activity Measure) Manufacturing Overhead EX300 TX500 Total Machining (machine-hours) Setups (setup hours) Product-level (number of products) General factory (direct labor dollars) 90,000 62,500 2,500 150,000 75 300 375 100,250 60,125 $120,000 $42,500 S 162,500 508,625 Total manufacturing overhead cost $ Required 1-a. Compute the plantwide overhead rate that would be used in the company's conventional cost systenm Round your answer to 2 decimal places.) Predetermined overhead rate per DL$