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Harris Fabrics computes its predetermined overhead rate annually on the basis of direct labor-hours. At...

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Accounting

Harris Fabrics computes its predetermined overhead rate annually on the basis of direct labor-hours. At the beginning of the year, it estimated that 30,000 direct labor-hours would be required for the periods estimated level of production. The company also estimated $535,000 of fixed manufacturing overhead expenses for the coming period and variable manufacturing overhead of $4.00 per direct labor-hour. Harris's actual manufacturing overhead for the year was $714,717 and its actual total direct labor was 30,500 hours.

Compute the company's predetermined overhead rate for the year.

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