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QS 15-8 (Algo) Computing predetermined overhead rates LO P3 A company estimates the following manufacturing costs at the beginning of the period: direct labor, $480,000; direct materials, $217,000; and factory overhead, $122,000. Required: 1. Compute its predetermined overhead rate as a percent of direct labor. 2. Compute its predetermined overhead rate as a percent of direct materials. Complete this question by entering your answers in the tabs below. Compute its predetermined overhead rate as a percent of direct labor