Schrader, Inc uses a budgeted factory-overhead rate to apply overhead to production. The following data are available for the year ended December 31, 2010. Budgeted factory overhead $675,000 Actual factory overhead $716,000 Budgeted direct-labor costs $450,000 Actual direct-labor costs $432,000 Budgeted direct-labor hours 12,500 Actual direct-labor hours 13,325 Required: a. Determine the budgeted factory overhead rate based on direct-labor costs (show as a percentage). b. Determine the budgeted factory overhead rate based on direct-labor hours (show as $/hr). c. What is the applied overhead based on direct-labor costs? d. What is the applied overhead based on direct-labor hours? e. Assuming the variance is immaterial, give the journal entry to write off the variance based on direct-labor hours