JRE2 Inc. entered into a contract to install a pipeline for a fixed price of $2,410,000. JRE2 recognizes revenue upon contract completion. Cost incurred Estimated Cost to Complete 2020 $ 278,000 $ 1,690,000 2021 1,740,000 654,000 2022 590,000 0 In 2022, JRE2 would report gross profit (loss) of:

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.)