Exercise $5-3$ Compute the Predetermined Overhead Rate $[$LO$3]$

Logan Products computes its predetermined overhead rate annually on the basis of machine$-$hours. At the beginning of the year, it estimated that its total manufacturing overhead would be $$362,500$ and machines would be run a total of $27,000$ hours. Its actual total manufacturing overhead for the year was $$350,400$ and its actual total machine$-$hours was $26,500$ hours.

Required:

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