An American car maker and a Japanese car maker have entered into a strategic alliance. Both have valuable technology that the other one needs in order to perform their aspect of the manufacturing process for particular lines of vehicles. Because of the mutual benefits to both parties, it is unlikely that either one will take advantage of the other. Nevertheless, to guarantee that each partner maintains the agreement, the two companies are participating in:

Harris fabrics computes its predetermined overhead rate annually on the basis of direct labor-hours. at the beginning of the year, it estimated that 34,000 direct labor-hours would be required for the period’s estimated level of production. the company also estimated $599,000 of fixed manufacturing overhead expenses for the coming period and variable manufacturing overhead of $3.00 per direct labor-hour. harris's actual manufacturing overhead for the year was $768,234 and its actual total direct labor was 34,500 hours.required: compute the company's predetermined overhead rate for the year. (round your answer to 2 decimal places.)