The Baffin Factory has determined that its budgeted factory overhead budget for the year is $663,953. They plan to produce 1,000,000 units. Budgeted direct labor hours are 422,900 and budgeted machine hours are 375,000. Using the single plantwide factory overhead rate based on direct labor hours, calculate the factory overhead rate for the year. Round to the nearest cent.

Select the correct answer.

$0.64

$1.57

$1.00

cannot be determined