he direct labor budget of Yuvwell Corporation for the upcoming fiscal year contains the following details concerning budgeted direct labor-hours: 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Budgeted direct labor-hours 8,800 8,600 8,900 8,300 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 fixed manufacturing overhead is depreciation, which is $14,000 per quarter. Required: 1. Prepare the companys manufacturing overhead budget for the upcoming fiscal year. 2. Compute the companys predetermined overhead rate (including both variable and fixed manufacturing overhead) for the upcoming fiscal year