Privack Corporation has a standard cost system in which it applies overhead to products based on the standard direct labor-hours allowed for the actual output of the period. Data concerning the most recent year appear below:

Exercise 10A-3 Applying Overhead in a Standard Costing System [LO10-4] Privack Corporation has a standard cost system in which it applies overhead to products based on the standard direct labor-hours allowed for the actual output of the period. Data concerning the most recent year appear below: Variable overhead cost per direct labor-hour Total fixed overhead cost per year Budgeted standard direct labor-hours (denominator level of activity) Actual direct labor-hours Standard direct labor-hours allowed for the actual output $2.00 $250,000 40,000 39,000 38,000 Required 1. Compute the predetermined overhead rate for the year. (Round Predetermined overhead rate to 2 decimal places.) Total fixed overhead cost per year Total variable overhead cost Total overhead cost at the denominator level of activity Budgeted standard direct labor-hours Predetermined overhead rate