ABC Company uses predetermined overhead rate, based on machine hours, to apply manufacturing overhead costs. Total budgeted and actual machine hours are 2,700 and 2,650 hours, respectively Total budgeted and actual costs are as follows: Total budgeted overhead costs $540,000 Total actual direct material cost $443,000 Total actual direct labor cost $643,000 Total actual overhead costs $534,000 Based on the above figures, predetermined overhead rate is