Logan Products computes its predetermined overhead rate annually on the basis of direct labor hours. At the beginning of the year, it estimated that 28,000 direct labor-hours would be required for the period's estimated level of production. The company also estimated $578,000 of fixed manufacturing overhead expenses for the coming period and variable manufacturing overhead of $4.00 per direct labor-hour. Logan's actual manufacturing overhead for the year was $749,346 and its actual total direct labor was 28,500 hours.
Compute the company's predetermined overhead rate for the year (Round your answer to 2 decimal places. Omit the $ sign in your response)