Sheffield Inc. sells a high-speed retrieval system for mining information. It provides the following information for the year. Budgeted Actual Overhead cost $1,266,100 $1,241, 100 Machine hours 59,600 46,000 Direct labor hours 110,000 104,700 Overhead is applied on the basis of direct labor hours. (a) Compute the predetermined overhead rate. (Round answer to 2 decimal places, e.g. 12.25.) Predetermined overhead rate $ per direct labor hour