M2-9 (Algo) Calculating Predetermined Overhead Rate [LO 2-3] Hamilton Company applies manufacturing overhead costs to products based on direct labor hours. The company estimates manufacturing overhead cost for the year to be $264,000 and direct labor hours to be 20,000 . Actual overhead for the year was $295,000 Required: 1. Compute the predetermined overhead rate. 2. If the company actually used 23,400 direct labor hours, how much manufacturing overhead is applied to their job? Complete this question by entering your answers in the tabs below. Compute the predetermined overhead rate. Note: Round your answer to 2 decimal places