The direct labour budget of Small Corporation for the upcoming fiscal year contains the following details concerning budgeted direct labour-hours: First Quarter 5,100 Second Quarter 4,900 Third Quarter 5,300 Fourth Quarter 5,500 Budgeted direct labour-hours The company's variable manufacturing overhead rate is $1.80 per direct labour-hour, and the company's fixed manufacturing overhead is $36,000 per quarter. The only non-cash item included in the fixed manufacturing overhead is depreciation, which is $16,000 per quarter. Required: 1. Prepare the company's manufacturing overhead budget for the upcoming fiscal year. SMALL CORPORATION Manufacturing Overhead Budget First Quarter Second Quarter Third Quarter Fourth Quarter Year 0 0 0 0 Variable manufacturing overhead Fixed manufacturing overhead Total manufacturing overhead Less depreciation Cash disbursements for manufacturing overhead 0 0 0 0 Compute the company's manufacturing overhead rate (including both variable and 2. fixed manufacturing overhead) for the upcoming fiscal year. (Round your answer to 2 decimal places.) Predetermined overhead rate for the year