TB Problem Qu. 2-223 (Algo) Henkes Corporation bases... Henkes Corporation bases its predetermined overhead rate on the estimated labor-hours for the upcoming year. At the beginning of the most recently completed year, the company estimated the labor-hours for the upcoming year at 57,000 labor-hours. The estimated variable manufacturing overhead was $7.40 per labor-hour and the estimated total frxed manufacturing overhead was $1,083,000. The actual labor-hours for the year turned out to be 60,000 labor-hours. Required: Compute the company's predetermined overhead rate for the recently completed year, (Round your answer to 2 decimal places.)