The condensed form of Nordstrop Company's flexible budget for manufacturing overhead follows: Overhead Costs Variable cost Cost Formula (per machine- hour) $1.10 Machine-Hours 5,000 6,000 7,000 Fixed cost Total overhead cost $ 5,500 $ 6,600 $ 7,700 7,500 7,500 7,500 $13,000 $ 14,100 $ 15, 200 The following information is available for a recent period: a. The denominator activity of 5,000 machine-hours was chosen to compute the predetermined overhead rate. b. At the 5,000 standard machine-hours level of activity, the company should produce 2,000 units of product. c. The company's actual operating results were as follows: Number of units produced 2, 300 Actual machine-hours 5, 400 Actual variable overhead costs $ 6,426 Actual fixed overhead costs $ 8,000 Required 1. Compute the predetermined overhead rate and break it down into variable and fixed cost elements. (Round your answers to 2 decimal places.) Predetermined overhead rate Variable rate Fixed rate per MH per MH per MH