Required information The Foundational 15 (Algo) [1.024, L02-2, L02-3, L02-4] [The following information applies to the questions displayed below] Sweeten Company had nojobs in progress at the beginning ofthe year and no beginning inventories. It started, completed, and sold only twojobs during the yearJob P and Job Q. The company uses a plantwide predetermined overhead rate based on machine-hours. At the beginning ofthe year, it estimated that 4,000 machine-hours would be required for the periods estimated level of production. Sweeten also estimated $28,200 of fixed manufacturing overhead cost for the coming period and variable manufacturing overhead of $2.50 per machine-hour. Because Sweeten has two manufacturing departmentsMolding and Fabricationit is considering replacing its plantwide overhead rate with departmental rates that would also be based on machine-hours. The company gathered the following additional information to enable calculating departmental overhead rates: Estimated total machine-hours used Estimated total fixed manufacturing overhead Estimated variable manufacturing overhead per machine-hour Molding Fabrication Total 2, 599 1, 599 4, 999 $ 12,999 $ 16,299 $ 28,299 $ 2.28 $ 3.68 The direct materials cost, direct labor cost, and machine-hours used for Jobs P and Q are as follows: lob P Direct materials $ 21,006 Direct labor cost $ 27,486 Actual machine-hours used: Molding 2,585 Fabrication 1,466 Total lob Q $ 12,999 $ 19,799 1,699 1,799 3,399 3,999 Sweeten Company had no overapplied or underapplied manufacturing overhead costs during the year. Required: For questions 1-8, assume that Sweeten Company uses a plantwide predetermined overhead rate with machine-hours as the allocation base. For questions, 9-15, assume that the company uses predetermined departmental overhead rates with machine-hours as the allocation base in both departments. Foundational 2-1 (Algo) 1. What is the company's plantwide predetermined overhead rate? (Round your answer to 2 decimal places.)