Coles Company, Inc. makes and sells a single product, Product R. Three yards of Material K are needed to make one unit of Product R. Budgeted production of Product R is as follows: August September October Budgeted production (in units) 14,000 14,500 15,500 The company wants to maintain monthly ending inventories of Material K equal to 20% of the following month’s production needs. On July 31, 2,500 yards of Material K were on hand. The cost of Material K is $5.00 per yard. The company wants to prepare a Direct Materials Purchase Budget. The total cost of Material K to be purchased in August is:

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.)