Waterway, Inc, produces two types of gas grills: a family model and a deluxe model. Waterway's controller has decided to use a plantwide overhead rate based on direct labor costs. The president of the company recently heard of activity-based costing and wants to see how the results would differ if this system were used. Two activity cost pools were developed: machining and machine setup. Presented below is information related to the company's operations: Total estimated overhead costs are $471,600. Overhead cost allocated to the machining activity cost pool is $282,960 and $188,640 is allocated to the machine setup activity cost pool. (a) Compute the overhead rate using the traditional (plantwide) approach. (Round answer to 2 decimal places, eg. 15.25.) Overheadrate $