EXERCISE 9 5 Manufacturing Overhead Budget (LO21 The direct labour budget of Yuvwell Corporation for the upcoming fiscal year contains the following details concerning budgeted direct labour-hours: Ist Quarter 2nd Quarter 1.200 3rd Quarter 1.500 Quarter Budgeted direct labour hours 5.000 7.500 The company's variable manufacturing overtieadrate is $3.25 per direct labour hour and the company's fixed manufacturing overhead is 548.000 per quarter. The only non-cash item included in fixed manufacturing overhead is depreciation, which is $16,000 per quarter Required: 1. Construct the company's manufacturing overhead budget for the upcoming fiscal year. 2. Compute the company's manufacturing overhead rate (including both variable and fixed manufacturing overhead for the upcoming fiscal year. Round off to the nearest whole cent