TCO B) Buckhorn Corporation bases its predetermined overhead rate on the estimated machine hours for the upcoming year. Data for the upcoming year appear below. Estimated machine hours 35,000 Estimated variable manufacturing overhead $7.77 per machine hour Estimated total fixed manufacturing overhead $888,000 The actual machine hours for the year turned out to be 37,000. Required: Compute the company's predetermined overhead rate. (Round the rate to 2 decimal places, as applicable.