Required information Exercise 3-34 Overapplied or Underapplied Overhead (LO 3-4, 3-5) [The following information applies to the questions displayed below.] The following information pertains to Trenton Glass Works for the year just ended. Budgeted direct-labor cost: 75,000 hours (practical capacity) at $16 per hour Actual direct-labor cost: 80,000 hours at $17.50 per hour Budgeted manufacturing overhead: $997,500 Actual selling and administrative expenses: 433,000 Actual manufacturing overhead: Depreciation Property taxes $230,000 20,000 Indirect labor 81,000 Supervisory salaries 200,000 Utilities 58,000 Insurance 30,000 Rental of space 301,000 Indirect material (see data below) 79,000 Indirect material: Beginning inventory, January 1 48,000 Purchases during the year 93,000 Ending inventory, December 31 62,000 Exercise 3-34 Part 1 Required: 1. Compute the firm's predetermined overhead rate, which is based on direct-labor hours. (Round your answer to 2 decimal places.) Predetermined overhead rate per DLH