EXERCISE 8-5 Manufacturing Overhead Budget LO8-6 The direct labor budget of Yuwwell Corporation for the upcoming fiscal year contains the following details concerning budgeted direct laborhours: The company uses direct laborhours as its overhead allocation base. The variable portion of its predetermined manufacturing overhead rate it $3.25 per direct laborhour and its total fixed manufacturing overhead is $48,000 per quarter. The only noncash item included in fixed manufacturing overhead is depreciation, which is $16.000 per quarter. Required: 1. Using (S Schedule 5 as your guide, 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. Round off to the nearest whole cent