Brief Exercise 16-1 Digger Inc. sells a high-speed retrieval system for mining information. It provides the following information for the year Actual Overhead cost Machine hours Direct labor hours $1,440,540 55,700 106,000 $1,415,540 49,100 101,400 Overhead is applied on the basis of direct labor hours. Compute the predetermined overhead rate. (Round answer to 2 decimal places, e.g. 12.25.) Predetermined overhead Determine the amount of overhead applied for the year. Amount of overhead applied rate per direct labor hour