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Exercise 24-12 a-c (Video) Blossom Company produces one product, a putter called GO-Putter. Blossom uses a standard cost system and determines that it should take one hour of direct labor to produce one GO-Putter. The normal production capacity for this putter is 130,000 units per year. The total budgeted overhead at normal capacity is $1,170,000 comprised of $520,000 of variable costs and $650,000 of fixed costs. Blossom applies overhead on the basis of direct labor hours. During the current year, Blossom produced 86,200 putters, worked 85,800 direct labor hours, and incurred variable overhead costs of $232,740 and fixed overhead costs of $720,800. Compute the predetermined variable overhead rate and the predetermined fixed overhead rate. (Round answers to 2 decimal places, e.g. 2.75.) Variable Fixed Predetermined Overhead Rate $ $ LINK TO TEXT VIDEO SIMILAR EXERCISE Compute the applied overhead for Blossom for the year. Overhead Applied LINK TO TEXT VIDEOI SIMILAR EXERCISE Compute the total overhead variance. Total Overhead Variance Click if you would like to Show Work for this question: Open Show Work LINK TO TEXT VIDEOI SIMILAR EXERCISE