Exercise 11-4A (Algo) Calculating applied overhead LO 11-2 Fanning. Incorporated estimates manufacturing overhead costs for the Year 3 accounting period as follows The compony uses a predetermined ovetheod rate based on machine hours. Estimated hours for labor in Year 3 wereg201.000 and for machines were 132.000 Required a. Calculate the predetermined overhead rate Note: Round your answer to 2 decimal places. b. Determine the amount of manufacturing ovemead opplied to Work in Process Inventory during the Year 3 period if actual machine hours were 147.000 Note: Do not round intermediate calculations