Precision Manufacturing Inc. (PMI) makes two types of industrial component parts-the EX300 and the TX500. It annually produces 54,000 units of EX300 and 11, 900 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: The company is considering implementing an activity-based costing system that distributes all of its manufacturing overhead to four activities as shown below: 1-a. Compute the plantwide overhead rate that would be used in the company's conventional cost system. (Round your answer to 2 decimal places.)