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 Factory supervisor salaries Factory direct labor Factory supplies Factory property tax Advertising cost Administrative salaries Administrative-related depreciation Total expected costs $342,800 61,000 141,000 238,948 39,400 29,750 19,500 51,000 21,700 $945,098 Required: 1. Calculate the predetermined overhead rate per direct labor hour if the average direct labor rate is $12.71 per hour. 2. Determine the amount of applied overhead if 18,600 actual hours are worked in the upcoming year. Answer is complete but not entirely correct. Complete this question by entering your ans in the tabs below. Required 1 Required 2 Determine the amount of applied overhead if 18,600 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 $ 236,406 >