Question 2 of 4 1/3 Current Attempt in Progress Byrd Company produces one product, a putter called GO-Putter. Byrd uses 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 100,000 units per yea The total budgeted overhead at normal capacity is $500,000 comprised of $200,000 of variable costs and $300,000 of fixed cos Byrd applies overhead on the basis of direct labor hours. During the current year. Byrd produced 70,000 putters, worked 80.000 direct labor hours, and incurred variable overhead costs $70,000 and fixed overhead costs of $300,000. (a) Your answer is correct. Compute the predetermined variable overhead rate and the predetermined fixed overhead rate. (Round answers to 2 decimal places, e.g. 2.75.) Variable Fixed Predetermined Overhead Rate $ 2 $ 3 eTextbook and Media Attempts: 1 of 5 used (b) * Your answer is incorrect. Compute the applied overhead for Byrd for the year. Overhead Applied $ $ 400000