RC Company applies manufacturing overhead to jobs on the basis of machine hours used. Overhead costs are expected to total $275,000 for the year, and machine usage is estimated to be 125,000 hours for the year. In the first month of the year, $26,000 of overhead costs are incurred and 12,000 machine hours are used. For the remainder of the year, $274,000 of overhead costs are incurred and 118,000 machine hours are worked. Compute the predetermined overhead rate for the year. NOTE: enter your response to two decimal points if your response is a percentage, enter as a whole number (e.g., 150% would be 1.50 with no percent sign), if it is a dollar amount, do not include the dollar symbol; do not include commas