Assuming Normal Costing, calculate the budgeted manufacturing overhead rate for 2017 that will be used to allocate overhead into the inventory cost of the products

Budgeted information for the year ended December 31, 2017 is as follows: Budgeted Factory Figures Units to be produced Direct Materials Direct Manufacturing Labor Manufacturing Overhead Costs TOTAL MANUFACTURING COSTS $ $ Padfolios Business Cards 5,000 20,000 24,500 $ 25,500 $ 41,200 $ 16,800 $ ? ? $ 65,700 $ 42,300 $ Total 25,000 50,000 58,000 23,000 131,000 $ Actual information for the year ended December 31, 2017 is as follows: Actual Factory Figures Units Produced Direct Materials I Direct Manufacturing Labor Manufacturing Overhead Costs TOTAL MANUFACTURING COSTS Padfolios 4,500 23,000 38,000 $ 1 $ Business Cards 23,000 $ 26,500 $ 17.500 ? $ 44,000 $ $ $ $ Total 27,500 49,500 55,500 | 21,500 126,500 $ 61,000 Budgeted information for the year ended December 31, 2017 is as follows: Budgeted Factory Figures Units to be produced Direct Materials Direct Manufacturing Labor Manufacturing Overhead Costs TOTAL MANUFACTURING COSTS $ $ Padfolios Business Cards 5,000 20,000 24,500 $ 25,500 $ 41,200 $ 16,800 $ ? ? $ 65,700 $ 42,300 $ Total 25,000 50,000 58,000 23,000 131,000 $ Actual information for the year ended December 31, 2017 is as follows: Actual Factory Figures Units Produced Direct Materials I Direct Manufacturing Labor Manufacturing Overhead Costs TOTAL MANUFACTURING COSTS Padfolios 4,500 23,000 38,000 $ 1 $ Business Cards 23,000 $ 26,500 $ 17.500 ? $ 44,000 $ $ $ $ Total 27,500 49,500 55,500 | 21,500 126,500 $ 61,000