Walkenhorst Company's machining department prepared its 2016 budget based on the following data: 40,000 units Practical capacity Machine hours per unit 2.00 Variable factory overhead $3.00 per machine hour $416,000 Fixed factory overhead The department uses machine hours to apply factory overhead. In 2016, the department used 85,700 machine hours and $679,000 in total manufacturing overhead to manufacture 42,060 units. Actual fixed overhead for the year was $426,000. Required: Determine for the year: 1. The variable, fixed, and total factory overhead application rates. (Round your answers to 2 decimal places.) Variable overhead application rate Fixed overhead application rate Total factory overhead application rate