A manufacturing company uses a standard costing system in which standard machine-hours (MHs) is the measure of activity. Data from the company's flexible budget for manufacturing overhead are given below:
The following data pertain to operations for the most recent period: 
-What is the predetermined overhead rate to the nearest cent?
Definitions:
IRR Method
The IRR method, or Internal Rate of Return method, is a financial analysis tool used to evaluate the profitability of an investment by calculating the interest rate at which net present value of all the cash flows (both positive and negative) from a project or investment equals zero.
Cost of Capital
The rate of return required by a company to undertake an investment or project, often used as a discount rate in capital budgeting.
Payback Method
A capital budgeting technique that calculates the time required to recoup the cost of an investment, ignoring the time value of money.
MIRRs
Modified Internal Rate of Return (MIRR) is a financial metric used to assess the profitability of investments, adjusting the internal rate of return (IRR) to account for differences in the reinvestment rate and financing costs.
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