Cost Formula $1.40 Overhead Costs (per machine-hour) Variable cost Fixed cost Total overhead cost Machine-Hours 8,000 $ 11,200 $ 12,600 16,800 9,000 16, 800 10,000 $ 14,000 16, 800 $ 28,000 $ 29, 400 $ 30,800 The following information is available for a recent period: a. The denominator activity of 8,000 machine-hours was chosen to compute the predetermined overhead rate. b. At the 8,000 standard machine-hours level of activity, the company should produce 4,000 units of product. c. The company's actual operating results were as follows: Number of units produced Actual machine-hours Actual variable overhead costs Actual fixed overhead costs 4,300 8,800 $ 12,500 $ 17,000 Required. 1. Compute the predetermined overhead rate and break it down into variable and fixed cost elements. (Round your answers to 2 decimal places.) Predetermined overhead rate Variable rate Fixed rate per MH per MH per MH