Harris fabrics computes its plantwide predetermined overhead rate annually on the basis of direct labor-hours. at the beginning of the year, it estimated that 26,000 direct labor-hours would be required for the period’s estimated level of production. the company also estimated $564,000 of fixed manufacturing overhead cost for the coming period and variable manufacturing overhead of $2.00 per direct labor-hour. harris’s actual manufacturing overhead cost for the year was $674,221 and its actual total direct labor was 26,500 hours. required: compute the company’s plantwide predetermined overhead rate for the year. (round your answer to 2 decimal places.)

Financial markets and channel to . they also channel money from individuals who want to for the future to those who need cash to spend today. a third function of financial markets is to allow individuals and businesses to adjust their risk. for example, , such as the vanguard index fund, and , such as spdr's or “spiders,” allow individuals to spread their risk across a large number of stocks. financial markets provide other mechanisms for sharing risks. for example, a wheat farmer and a baker may use the to reduce their exposure to wheat prices. financial markets and intermediaries allow investors to turn an investment into cash when needed. for example, the of public companies are because they are traded in huge volumes on the . are the main providers of payment services by offering checking accounts and electronic transfers. finally, financial markets provide information. for example, the of a company that is contemplating an issue of debt can look at the yields on existing to gauge how much interest the company will need to pay.