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: 2 Budgeted variable overhead cost per direct labor-hour Total budgeted fixed overhead cost per year Budgeted direct labor-hours (denominator level of activity) Actual direct labor-hours Standard direct labor-hours allowed for the actual output $ 250,000 40,000 39,000 38,000 Required: 1. Compute the predetermined overhead rate for the year. Be sure to include the total budgeted fixed overhead and the total budgeted variable overhead in the numerator of your rate. (Round Predetermined overhead rate to 2 decimal places.) 2. Compute the amount of overhead that would be applied to the output of the period. (Do not round intermediate calculations.) per DLH 1. Predetermined overhead rate 2. Overhead applied