Wheeler's Bike Company manufactures custom racing bicycles. The company uses a job order cost system to determine the cost of each bike. Estimated costs and expenses for the coming year follow: Required: 1. Calculate the predetermined overhead rate per direct labor hour if the average direct labor rate is $12.21 per hour. 2. Determine the amount of applied overhead if 18,700 actual hours are worked in the upcoming year. Complete this question by entering your answers in the tabs below. Calculate the predetermined overhead rate per direct labor hour if the average direct labor rate is $12.21 per hour. Note: Round your answer to 2 decimal places