The direct labor budget of Yuvwell Corporation for the upcoming fiscal year contains the following details concerning budgeted direct labor-hours: 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Budgeted direct labor-hours 11,800 10,100 10,400 11, 200 The company uses direct labor-hours as its overhead allocation base. The variable portion of its predetermined manufacturing overhead rate is $6.75 per direct labor-hour and its total fixed manufacturing overhead is $86,000 per quarterThe only noncash item included in fixed manufacturing overhead is depreciation, which is $21500 per quarter Required: 1. Prepare the company's manufacturing overhead budget for the upcoming fiscal year 2. Compute the company's predetermined overhead rate (including both variable and fixed manufacturing overhead) for the upcoming fiscal year