Ivanhoe Company produces one product, a putter called GO$-$Putter. Ivanhoe uses a standard cost system and determines that it should take one hour of direct labor to produce one GO$-$Putter. The normal production capacity for this putter is $110,000$ units per year. The total budgeted overhead at normal capacity is $$990,000$ comprised of $$330,000$ of variable costs and $$660,000$ of fixed costs. Ivanhoe applies overhead on the basis of direct labor hours.

During the current year, Ivanhoe produced $85,400$ putters, worked $92,800$ direct labor hours, and incurred variable overhead costs of $$292,150$ and fixed overhead costs of $$518,600.$

$($a$)$

Your answer is incorrect.

Compute the predetermined variable overhead rate and the predetermined fixed overhead rate. $($Round answers to $2$ decimal places, e$.$g$.2\mathrm{.}75.)$

Predetermined Overhead Rate $$|||$ Variable