The Bestist Clothing Company manufactures two product lines: sweatshirts and T-shirts. The company currently uses a plant-wide overhead rate using labor hours to allocate overhead. At the beginning of the year, the company made the following estimates: Product Sweatshirts T-shirts 1 0.5 Machine hours per unit Direct material cost per unit $6 $3 2 1 Direct labor hours per unit Direct labor cost per $20 $10 unit During the year, the company expected to produce 10,000 sweatshirts and 55,000 t-shirts. Expected manufacturing overhead cost for the year is $1,000,000. Compute the plant wide overhead rate. Round to two decimal places