Exercise 8A-3 Applying Overhead in a Standard Costing System [LO8-7] Privack Corporation has a standard cost system in which it applies overhead to products based on the standard direct labor-hours allowed for the actual output of the period. Data concerning the most recent year appear below: $2.00 $615,000 102,500 86,000 80,000 Variable overhead cost per direct labor-hour Total fixed overhead cost per year Budgeted standard direct labor-hours (denominator level of activity) Actual direct labor-hours Standard direct labor-hours allowed for the actual output Required 1. Compute the predetermined overhead rate for the year. (Round your answers to the nearest whole number.) Total fixed overhead cost per year Total variable overhead cost Total overhead cost at the denominator level of activity Budgeted standard direct labor-hours Predetermined overhead rate 2. Determine the amount of overhead that would be applied to the output of the period. (Round your answers to the nearest whole number.) Standard direct labor-hours allowed for the actual output Predetermined overhead rate Overhead applied