Smith's Manufacturing Inc.'s partially completed manufacturing overhead budget for the year ending December 31, 2022 is provided below Smith's Manufacturing Inc. Manufacturing Overhead Budget For the Year Ending December 31, 2022 January to July to June December Budgeted direct labour hours 10,000 12,000 Variable overhead rate $ 2.75 $ 2.75 Total 22,000 $ 2.75 Variable manufacturing overhead Fixed manufacturing overhead. $27,500 $33.000 $60.500 Insurance on the factory 6.000 6,000 12,000 7,000 7,000 14,000 Depreciation on factory equipment Production manager salary Total fixed manufacturing overhead Total manufacturing overhead 40.000 40.000 80.000 53,000 53 000 106.000 $80.500 $86 000 $166,500 MO Notes The annual insurance on the factory ($12,000) is paid in March 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)