Sportway Inc. produces high-quality tennis racquets and golf clubs using a patented forming process and high-quality hand-finishing. Products move through two production departments: Forming and Finishing The company uses departmental overhead rates to allocate overhead costs. Overhead is allocated based on machine-hours in Forming and direct labour cost in Finishing. Information related to estimated volumes and denominator values for the coming year are provided below: Tennis Racquets 6,300 $ 4.60 Golf Clubs 9,950 $ 3.70 Annual production and sales Direct materials per unit Direct labour cost per unit: Forming Department Finishing Department Machine hours per unit: Forming Department Finishing Department 6.00 4.00 $4.00 $7.00 0.75 0.25 0.25 0.50 In addition, the firm budgets manufacturing overhead at $71,500 in the Forming Department and $58,000 in the Finishing Department. Required 1. Determine the overhead application rate for each department. (Round your answers to 2 decimal places.) Forming Finishing per MH per DL$