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+ Ch 11 - Homework 1/3 Question 4 of 6 Current Attempt In Progress Sheridan Company produces one product a potter called GO-Putter. Sheridanuses a standard cost system and determines that it should take one hour of direct labor to produce one GO-Putter. The normal production capacity for this putter is 120,000 units per year. The total budgeted overhead at normal capacity is $1.080.000 comprised of $420,000 of variable costs and 5660,000 of fixed costs. Sheridan applies overhead on the basis of direct labor hours. Daring the current year, Sheridan produced 75,300 putters, worked 87.600 direct labor hours, and incurred variable overhead costs of $269,425 and fixed overhead costs of $454,700, (a) Your answer is correct Compute the predetermined variable overhead rate and the predetermined foed overhead rate. (Round answers to 2 decimal places, c.g. 2.75.) Fixed Variable $ $ 150 Predetermined Overhead Rate e Textbook and Media Attempts: 1 of 5 used (b) Compute the applied overhead for Sheridan for the year Overhead Applied S e Textbook and Media