Exercise 8-5 Manufacturing Overhead Budget (L08-6] The direct labor budget of Yuvwell Corporation for the upcoming fiscal year contains the following details concerning budgeted direct Elabor-hours: Budgeted direct labor-hours 1st Quarter 10,200 2nd Quarter 9,300 3rd Quarter 9,600 4th Quarter 10,400 E The company uses direct labor-hours as its overhead allocation base. The variable portion of its predetermined manufacturing overhead rate is $4.75 per direct labor-hour and its total fixed manufacturing overhead is $70,000 per quarter. The only noncash item E included in fixed manufacturing overhead is depreciation, which is $17,500 per quarter. Required: E 1. Prepare the company's manufacturing overhead budget for the upcoming fiscal year. 2. Compute the company's predetermined overhead rate (including both variable and fixed manufacturing overhead) for the upcoming E fiscal year