At the beginning of theâ year, swift,â inc.'s work-in-process inventory account had a balance of $ 122 comma 000. during theâ year, $ 250 comma 000 of direct materials were used inâ production, and $ 70 comma 000 of direct labor costs were incurred. manufacturing overhead amounted to $ 826 comma 000. the cost of goods manufactured was $ 673 comma 000. what is the balance in theâ work-in-process inventory account on decemberâ 31?

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.)