(TCO F) Escatel Corporation bases its predetermined overhead rate on the estimated labor hours for the upcoming year. Data for the most recently completed year appear below. Estimates made at the beginning of the year 24,000 Estimated labor hours $6.86 per labor hour Estimated variable manufacturing overhead $394,560 Estimated total fixed manufacturing overhead 24,500 Actual labor hours for the year Required: Compute the company's predetermined overhead rate for the recently completed year.