Coolers inc. developed a new generation of air conditioners. it upgraded the old technology by making the air conditioners work on voice sensors instead of remote controls. though the technology is new, coolers has decided to introduce the product in the market at a low cost. using the aggregate project planning framework, this technology can be called a(n) project by coolers inc.

Harris fabrics computes its predetermined overhead rate annually on the basis of direct labor-hours. at the beginning of the year, it estimated that 34,000 direct labor-hours would be required for the period’s estimated level of production. the company also estimated $599,000 of fixed manufacturing overhead expenses for the coming period and variable manufacturing overhead of $3.00 per direct labor-hour. harris's actual manufacturing overhead for the year was $768,234 and its actual total direct labor was 34,500 hours.required: compute the company's predetermined overhead rate for the year. (round your answer to 2 decimal places.)