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5 value: 3.50 points Precision Manufacturing Inc. (PMI) makes two types of industrial component parts-the EX300 and the TX500. It annually produces 65,000 units of EX300 and 13,000 units of TX500. The company's conventional cost system allocates manufacturing overhead to products using a plantwide overhead rate and direct labor dollars as the allocation base. Additional information relating to the company's two product lines is shown below Direct materials Direct labor EX300 $371,325 $167,550 $538,875 $125,000 45,000 $170,000 The company is considering implementing an activity-based costing system that distributes all of its manufacturing overhead to four activities as shown below Activity Cost Pool (and Activity Measure) Manufacturing Overhead EX300 95,000 TX500 65,000 350 Total $ 248,000 202,500 160,000 450 Machining (machine-hours) Setups (setup hours) Product-level (number of products) General factory (direct labor dollars) 88,400 73,100 $125,000 $ 45,000 $ 170,000 Total manufacturing overhead cost $ 612.000 Required 1-a. Compute the plantvwide overhead rate that would be used in the company s conventional c Round your answer to 2 decimal places.)