Final Question #07 This is question #07. I need the answers showing step by step everything, in as clear and concise from beginning to end and what the final answer is for each one the question asks for, as possible. I'll need to put this on a Word Document, so please make sure it fits the criteria so I can put all the steps and the solution onto a Word Document (Preferably Only Text.) No Excel Tables or any tables, no graphs, and no images where I can't copy and paste. All in Text so I can copy and paste. Please do it as fast as you can, since I'm currently on a very short timer, and would greatly appreciate it. Question: The following data is provided for the ABC company: Budgeted overhead for the year is $100,000 Projected direct labor cost for the year - $100,000 Estimated machine hours for the year -10,000 Estimated direct labor hours for the year - 10,000 Overhead is applied to product based on direct labor costs During the month of June the company incurred 2000 labor hours, used 3000 machine hours and incurred $40,000 of labor costs and $70,000 of overhead costs Calculate: a) The overhead rate b) The amount of overhead applied in June Thank you in advance, Yaakov V