7 Steele Corporation uses a budgeted overhead rate based on direct labor cost to apply manufacturing overhead to jobs. Steele Corporation has provided the following estimated costs for next year Direct materials $ 20,000, Direct labor $ 60,000 Sales commissions $ 30,000, Salary of production supervisor $ 40,000; Indirect materials $ 14,000; Administration building Depreciation $4,800; Factory utilities $6,000 Advertising expense $6,000 Rent on factory equipment $ 20,000, Depreciation of factory building $30,000. Steele estimates that 10,000 direct labor hours and 16,000 machine hours will be worked during the year. Calculate the budgeted overhead rate (show calculations here) Activate Windo (2 points) Go to