Exercise 25-12 (Part Level Submission) 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 120,000 units per year. The total budgeted overhead at normal capacity is $ 840,000 comprised of $ 360,000 of variable costs and 480,000 of fixed costs. Byrd applies overhead on the basis of direct labor hours. During the current year, Byrd produced 87,000 putters, worked 98,700 direct labor hours, and incurred varlable overhead costs of $152,250 and fixed overhead costs of $ 556,000 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