Test: Week 3 -review assessment 1 Submit Test This Question: 1 pt 5 of 16 (4 complete) This Test: 16 pts possible Have Fun Industries manufactures custom-designed playground equipment for schools and city parks. Have Fun expected to incur $533,000 of manufacturing overhead cost, 41,000 of direct labor hours, and $1,394,000 of direct labor cost during the year (the cost of direct labor is $34 per hour). The company allocates manufacturing overhead on the basis of direct labor hours. During June. Have Fun completed Job 309. The job direct materials. The City of Southtown has contracted to purchase the playground equipment at a price of 28% over manufacturing cost used 185 direct labor hours and required $14,200 of Read the requirements First identify the formula, then calculate the predetermined overhead rate. Estimated yearly overhead costsEstimated yearly direct labor hoursPredetermined overhead rate $533,000 41.000 $13 per hour