Exercise 10A-3 (Algo) Applying Overhead in a Standard Costing System [LO10-4] Privack Corporation applies overhead to products based on the standard direct labor-hours allowed for the actual output. Data concerning the most recent year appear below: Required: 1. Compute the predetermined overhead rate for the year. Be sure to include the total budgeted fixed overhead and the total budgeted variable overhead in the numerator of your rate. Note: Round your answer to the nearest whole dollar amount. 2. Compute the amount of overhead applied to the output of the period. Note: Round your intermediate calculations and final answer to the nearest whole dollar amount. Exercise 10A-3 (Algo) Applying Overhead in a Standard Costing System [LO10-4] Privack Corporation applies overhead to products based on the standard direct labor-hours allowed for the actual output. Data concerning the most recent year appear below: Required: 1. Compute the predetermined overhead rate for the year. Be sure to include the total budgeted fixed overhead and the total budgeted variable overhead in the numerator of your rate. Note: Round your answer to the nearest whole dollar amount. 2. Compute the amount of overhead applied to the output of the period. Note: Round your intermediate calculations and final answer to the nearest whole dollar amount