Brief Exercise 16-1 Digger Inc. sells a high-speed retrieval system for mining information. It provides the following information for the year. Budgeted Actual Overhead cost Machine hours Direct labor hours $1,207,340 $1,181,340 47,900 102,000 60,900 106,000 Overhead is applied on the basis of direct labor hours Compute the predetermined overhead rate. (Round answer to 2 decimal places, e.g. 12.25.) Predetermined overhead rate per direct labor hour LINK TO TEXT Determine the amount of overhead applied for the year. Amount of overhead applied Click if you would like to Show Work for this question: Open Show Work LINK TO TEXT