Sheffield Artworks creates hand-painted picture frames. The frames are cast from resin in an automated process. Once the casting is done, talented artisans hand-paint one of fifteen designs on each frame. In the final assembly process, a worker inserts the glass pane and attaches the backing to the frame. Sheffield's budget for the current year, along with the production requirements for two of the frames it produces, are as follows: Department Casting Painting Assembly Direct labor hours 48,000 12.000 17.000 3.000 Machine hours Manufacturing overhead cost $ 204,000 $ 192,000 $ 48,000 Seasons of Fun Frame Department Casting Painting Assembly 1 0.25 Direct labor hours Machine hours 1.50 0.50 Birth Announcement Frame Department Casting Painting Assembly Direct labor hours 1.50 0.50 Machine hours 0.75 0.10 Birth Announcement Frame Department Casting Painting Assembly Direct labor hours 1.50 0.50 Machine hours 0.75 0.10 (a) Your answer is incorrect. Assume that Sheffield Artworks uses a single predetermined overhead application rate based on direct labor hours. Calculate the rate for the current year. (Round overhead rate to 2 decimal places, eg. 3.54.) Predetermined overhead rate I direct labor hour