The following account balances at the beginning of January were selected from the general ledger of Frozen Juice Manufacturing Company: Work in process inventory $0 Raw materials inventory $28,900 Finished goods inventory $40,000 Additional data: 1. Actual manufacturing overhead for January amounted to $63,400. 2. Total direct labor cost for January was $63,500. 3. The predetermined manufacturing overhead rate is based on direct labor cost. The budget for the year called for $250,300 of direct labor cost and $350,800 of manufacturing overhead costs. 4. The only job unfinished on January 31 was Job No. 151, for which total direct labor charges were $5900 (1700 direct labor hours) and total direct material charges were $14,400. 5. Cost of direct materials placed in production during January totaled $123.800. There were no indirect material requisitions during January 6. January 31 balance in raw materials inventory was $35,500. 7. Finished goods inventory balance on January 31 was $35,300. What is the predetermined manufacturing overhead rate? 9996 140% 72% 71%