Coronado Industries financed the purchase of a machine by making payments of $23000 at the end of each of five years. The appropriate rate of interest was 11%. The future value of one for five periods at 11% is 1.68506. The future value of an ordinary annuity for five periods at 11% is 6.22780. The present value of an ordinary annuity for five periods at 11% is 3.69590. What was the cost of the machine to Coronado?

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.)