Bahubali Ltd allocates manufacturing overhead to work in process based hours. On 1* January of the current year, there were no balance in wor finished goods inventories. The following estimates were included in the current year: Total projected manufacturing overhead $300,000 Total projected direct labour hours 40,000 During January, the firm worked on the following production jobs: Kattapa J: 1,600 direct labour hours Devsena X: 2,400 direct labour hours Sivagami K: 1,000 direct labour hours Actual overhead incurred by Bahubali Lid amounted to $30,000. Required: 1. Calculate the company's predetermined overhead rate for the year