Exercise 16-21 (Algo) Computing and applying predetermined overhead rate LO P3 Blue Sky Soda estimates total factory overhead costs of $3,948,000 and total direct labor costs of $2,820,000 for its first year of operations. During January, the company used $82,000 of direct labor cost in its Blending department and $62,000 of direct labor cost in its Bottling department. 1. Compute the predetermined overhead rate as a percentage of direct labor cost. 2. Prepare the journal entry to apply factory overhead to the Blending and Bottling departments. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the predetermined overhead rate as a percentage of direct labor cost. Predetermined overhead rate % Required 1 Required 2 >