Blossom Company produces one product, a putter called GO-Putter. Blossom uses a standard cost system and determines that it should take one hour of direct labor to produce one GO-Putter. The normal production capacity for this putter is 100,000 units per year. The total budgeted overhead at normal capacity is $500,000 comprised of $200,000 of variable costs and $300,000 of fixed costs. Blossom applies overhead on the basis of direct labor hours. During the current year, Blossom produced 70,000 putters, worked 80,000 direct labor hours, and incurred variable overhead costs of $270,000 and fixed overhead costs of $100,000. Compute the predetermined variable overhead rate and the predetermined fixed overhead rate. (Round answers to 2 decimal places, e.g. 2.75) Predetermined Overhead Rate eTextbook and Media. Variable Compute the applied overhead for Blossom for the year. Overhead Applied Fixed