(For the questions 7-8 use the following information) James Cook, a production department worker, is paid on hourly basis at a rate of $15 per hour. James works 40 hours per week. Any time James works over 40 hours, it is considered as overtime and he is paid at a rate of $22 for each overtime hour. From the labor time sheet of the first week of January the following data are summarized. 46 hours 3 hours Total work hours Time for waiting materials Time for waiting machine repairs Time for cleaning the work place 3 hours 1 hours 7. Calculate the applied (allocated) overhead rate. (5 points) 8. Determine monetary values of indirect labor cost items (5 points)