Smith's Manufacturing Inc.'s partially completed manufacturing overhead budget for the year ending December 31, 2022 is provided below: 6 Smith's Manufacturing Inc Manufacturing Overhead Budget For the Year Ending December 31, 2022 January to July to Total 9 June December Budgeted direct labour hours 22,000 26,400 48,400 Variable overhead rate $ 1.25 $ 1.25 $ 1.25 12 Variable manufacturing overhead $27,500 $33,000 $60.500 Fixed manufacturing overhead: Property taxes on the factory 5,000 5,000 10,000 Depreciation on factory equipment 3.000 3.000 6,000 Production manager salary 45.000 45,000 90,000 Total fixed manufacturing overhead 53,000 53,000 106.000 Total manufacturing overhead $80,500 $86,000 $166,500 Notes . The annual property taxes on the factory ($10,000) are paid in October each year. . The company applies overhead based on estimated direct labour hours Required: 1. Complete the manufacturing overhead budget. (4 marks) 2. Calculate the predetermined overhead rate (POHR) (1 mark)