Valley View Company applies manufacturing overhead based on direct labor hours. Information concerning manufacturing overhead and labor for 2013 follows:

Actual manufacturing overhead	$169,500
Estimated manufacturing overhead	$167,200
Direct labor incurred	5,250 hours @ $15 = $78,750
Estimated direct labor	4,750 hours @ $18 = $85,500

How much is the predetermined overhead rate (rounded to the nearest cent)?

$31.85

$32.29

$35.68

$35.20