E2-5 (Algo) Calculating Predetermined Overhead Rate and Applied Overhead [LO 2-3) Wheeler's Bike Company manufactures custom racing bicycles. The company uses a job order cost system to determine the cost of each bike. Estimated costs and expenses for the coming year follow: Bike parts Factory machinery depreciation Pactory supervisor salaries Factory direct labor Factory supplies Tactory property tax Advertising cost Administrative salaries Administrative-related depreciation Total expected costs $349,000 54,500 143,500 228,966 40. 400 29,750 25,000 49.500 17200 $939.116 Required: 1. Calculate the predetermined overhead rate per direct labor hour if the average direct labor rate is $12.31 per hour. 2. Determine the amount of applied overhead if 18,000 actual hours are worked in the upcoming year. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Determine the amount of applied overhead if 18,000 actual hours are worked in the upcoming year. (Round your intermediate calculations to 2 decimals. Round your final answer to the nearest whole dollar) Applied Overhead