E2-5 (Static) 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: Required: 1. Calculate the predetermined overhead rate per direct labor hour if the average direct labor rate is $15 per hour. 2. Determine the amount of applied overhead if 18,500 octual hours are worked in the upcoming yeat. 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 $15 per hour