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 labor-tiours: The company uses direct labor-hours as its overhead allocation base. The variable portion of its predetermined manufacturing overhead rate is $3.00 per direct labor-hour and its total fixed manufacturing overhead is $56,000 per quarter. The only noncash item included in foxed manufacturing overhead is depreciation, which is $14,000 per quarter. Required: 1. Prepare the company's manufacturing overhead budget for the upcoming fiscal yeat. 2 Compute the company's predetermined overhead rate (including both variable and fixed manufacturing overhead) for the upcoming fiscal year. Complete this question by entering your answers in the tabs below. Prepare the company's manufacturing overhead budget for the upcoming fiscal year. (Round "Variable manufacturing overhead rate answers to 2 decimal places.)