Required information This question set includes retired CMA questions provided by the Institute of Management Accountants for use as additional student practice. Please note that these questions were not author-created and may not align perfectly with content or terminology in the text. Save & Exi Using the following budget data for Valley Corporation, which produces only one product, calculate the company's predetermined factory overhead application rate for variable overhead. Units to be produced 11,000 Units to be sold 10,000 Indirect materials, varying with production Indirect labor, varying with production $ 1,000 10,000 Factory supervisor's salary, incurred regardless of production 20,000 Depreciation on factory building and equipment 30,000 Utilities to operate factory machines 12,000 Security lighting for factory 2,000 Selling, general and administrative expenses 5,000 Multiple Choice $2.09 $2.30. $4.73. $5.20