Exercise 8-5 (Algo) Manufacturing Overhead Budget [LO8-6] The ditect labor budget of Yuvwell Corporation for the upcoming fiscal yeat contains the following detads concerning budgeted direct laborthours The company uses direct labor-hours as its overhead allocation base. The varable portion of its predetermined manufacturing overhead rate is $3.50 per direct laborhour and as total fixed manufacturing overhead is $60,000 per quarter The only noncash item included in fixed manufacturing ovechead is depreciation, which is $15,000 per quarter. Required: 1. Prepare the company's manufacturing overhead budget for the upcoming fiscal year 2 Compute the companys predetermined overhead rate (including both vaaiable and fored manufacturing overhead) for the upcoming fiscal year Prepare the company's manufacturing overhead budget for the upcoming fiscal year. (Round "Varlable manutacturifig oveihand rate" answers to 2 . places, Complete this question by entering your answers in the tabs below. Compute the company's predetermined overhead rate (including both variable and fixed manufacturing overhead) for the upcoming fiscal year. (Round your answer to 2 decimal places.)