Blossom Inc, sells a high-speed retrieval system for mining information. It provides the following information for the year. Overhead cost Machine hours Direct labor hours Budgeted $901,600 46,000 92,000 Actual $883,680 41,400 84.600 Overhead is applied on the basis of direct labor hours. (a) Your answer is correct Calculate the predetermined overhead rate. (Round answer to 2 decimal places, e.g. 15.25.) Predetermined overhead rate $ 98 per direct labor hour (b) Determine the amount of overhead applied for the year Amount of overhead applied