Byrd Company produces one product, a putter called GO-Putter. Byrd 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 125,000 units per year. The total budgeted overhead at normal capacity is $1,062,500 comprised of $437,500 of variable costs and $625,000 of fixed costs. Byrd applies overhead on the basis of direct labor hours During the current year, Byrd produced 73,100 putters, worked 86,700 direct labor hours, and incurred variable overhead costs of $186,405 and fixed overhead costs of $562,350 Your answer is correct. Compute the predetermined variable overhead rate and the predetermined fixed overhead rate. (Round answers to 2 decimal places, e.g. 2.75.) Variable Fixed Predetermined Overhead Rate 3.5