5 E2-5 (Algo) Calculating Predetermined Overhead Rate and Applied Overhead [LO 2-3] 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: Bike parts Factory machinery depreciation Factory supervisor salaries Factory direct labor Factory supplies $354,800 58,000 143,000 201,957 46,900 Factory property tax 25,250 Advertising cost 18,000 Administrative salaries 46,500 Administrative-related depreciation 18,700 Total expected costs $913,107 Required: 1. Calculate the predetermined overhead rate per direct labor hour if the average direct labor rate is $11.41 per hour. 2. Determine the amount of applied overhead if 18,000 actual hours are worked in the upcoming year. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Calculate the predetermined overhead rate per direct labor hour if the average direct labor rate is $11.41 per hour. (Round your answer to 2 decimal places.) Predetermined Overhead Rate per DL Hour