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The following data is given for Simpson Company: Actual variable overhead costs - $460,000...

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Accounting

The following data is given for Simpson Company:
Actual variable overhead costs - $460,000
Budgeted variable overhead costs - $515,000
Actual fixed overhead costs - $520,000
Budgeted fixed overhead costs - $530,000
Actual machine hours -112,000 hours
Budgeted machine hours -111,000 hours
What is the standard overhead allocation rate for fixed overhead using machine hours for the allocation base?
(Round the final answer to the nearest cent.)
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