Puzzle Company uses a job order costing system. The company's executives estimated that direct labor would be $102,727(11,500 hours at $8.93 /hour) and that estimated factory overhead would be $565,000 for the current period. At the end of the period, actual records show that there had been 12,000 hours of direct labor and $600,000 of actual overhead costs. Using estimated direct labor dollars as a base, what was the predetermined overhead rate? "You only need to calculate the predetermined overhead rate here, nothing else. Please round the rate to 2 decimal points. For example, \$2.75