Budgeted direct labor-hours 1st Quarter 2nd Quarter 8,200 8,300 3rd Quarter 8,600 4th Quarter 8,000 The company uses direct labor-hours as its overhead allocation base. The variable portion of its predetermined manufacturing overhead rate is $2.25 per direct labor-hour and its total fixed manufacturing overhead is $50,000 per quarter. The only noncash item included in fixed manufacturing overhead is depreciation, which is $12,500 per quarter Required: 1. Prepare the company's manufacturing overhead budget for the upcoming fiscal y year. 2. Compute the company's predetermined overhead rate (including both variable and fixed manufacturing overhead) for the upcoming fiscal year