Pharoah Company produces one product, a putter called GO-Putter. Pharoah 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 135,000 units per year. The total budgeted overhead at normal capacity is $877,500 comprised of $337,500 of variable costs and $540,000 of fixed costs. Pharoah applies overhead on the basis of direct labor hours, During the current year, Pharoah produced 78,100 putters, worked 87,600 direct labor hours, and incurred variable overhead costs of $252,295 and fixed overhead costs of $292,650. (a) Your answer is correct. Compute the predetermined variable overhead rate and the predetermined fixed overhead rate. (Round answers to 2 decimal places, e. . 2.75.) Compute the applied overhead for Pharoah for the year. Overhead Applied eTextbook and Media