Total Smith's Manufacturing Inc. Manufacturing Overhead Budget For the Year Ending December 31, 2022 January to July to June December Budgeted direct labour hours 10,000 12,000 Variable overhead rate $ 2.75 $ 2.75 Variable manufacturing overhead $27,500 $33.000 Fixed manufacturing overhead: Insurance on the factory 6.000 6,000 Depreciation on factory equipment 7.000 7 000 Production manager salary 40,000 40.000 22,000 $ 2.75 $60.500 12,000 14,000 80 000 53 000 53 000 Total fixed manufacturing overhead Total manufacturing overhead 106.000 $80 500 $86,000 $166,500 Notes: The annual insurance on the factory ($12.000) is paid in March each year. The company applies overhead based on estimated direct labour hours. Required: 1. Complete the manufacturing overhead budget (4 marks) 2. Calculate the predetermined overhead rate (POHR) (1 mark)