S 15-8 (Algo) Computing predetermined overhead rates LO P3 A company estimates the following manufacturing costs at the beginning of the period: direct labor, $480,000; direct materials, $223,000; and factory overhead, $136,000. Required: 1. Compute its predetermined overhead rate as a percent of direct labor. 2. Compute its predetermined overhead rate as a percent of direct materials. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute its predetermined overhead rate as a percent of direct labor. Overhead Rate Numerator: 1 1 Denominator: Overhead Rate Overhead Rate Required Required 2 > Required 1 Required 2 Compute its predetermined overhead rate as a percent of direct materials. Numerator: Overhead Rate Denominator: Overhead Rate Overhead Rate < Required 1 Required 2 >