Exercise $2-1($Algo$)$ Compute a Predetermined Overhead Rate $[$LO$2-1]$

Harris Fabrics computes its plantwide predetermined overhead rate annually on the basis of direct labor$-$hours. At the beginning of the year, it estimated that $32,000$ direct labor$-$hours would be required for the period's estimated level of production. The company also estimated $$542,000$ of fixed manufacturing overhead cost for the coming period and variable manufacturing overhead of $$3\mathrm{.}00$ per direct labor$-$hour. Harris's actual manufacturing overhead cost for the year was $$698,344$ and its actual total direct labor was $32,500$ hours.

Required:

Compute the company's plantwide predetermined overhead rate for the year. $($Round your answer to $2$ decimal places.$)$

Predetermined overhead rate

per DLH