Thornton, Incorporated estimates manufacturing overhead costs for the Year 3 accounting period as follows. The company uses a predetermined overhead rate based on machine hours. Estimated hours for labor in Year 3 were 205,000 and for machines were 125,000. Required a. Calculate the predetermined overhead rate. Note: Round your answer to 2 decimal places. b. Determine the amount of manufacturing overhead applied to Work in Process Inventory during the Year 3 period if actual machine hours were 140,000 . Note: Do not round intermediate calculations