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The CEO at Holly Hats has collated the following figures relating to annual production for the current year: Budgeted direct labour hours 419,000 Budgeted machine

The CEO at Holly Hats has collated the following figures relating to annual production for the current year:

Budgeted direct labour hours 419,000
Budgeted machine hours 223,000
Budgeted factory overhead $1,269,000
Budgeted units produced 11,000
Actual direct labour hours 455,278
Actual machine hours 307,161
Actual factory overhead $1,234,308
Actual units produced 15,912

Calculate the predetermined overhead application rate based on machine hours. Enter your answer to 2 decimal places.

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