The statement of cash flows presents:

a. an explanation of the changes in the beginning and ending balances of stockholders’ equity.
b. a comparison of the benefits and the sacrifices a company experiences from its operations.
c. information in three categories including operating, investing, and financial activities.
d. a list of a company’s assets and the sources of those assets.

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.)