Vaughn Inc. sells a high-speed retrieval system for mining information. It provides the following information for the year. Overhead cost Machine hours Direct labor hours Budgeted $1,306,800 57,800 110,000 Actual $1,279,800 49,500 106,200 Overhead is applied on the basis of direct labor hours. X Your answer is incorrect Compute the predetermined overhead rate. (Round answer to 2 decimal places, eg. 12.25) Predetermined overhead rate $ 11.66 per direct labor hour eTextbook and Media Assistance Used X Your answer is incorrect Determine the amount of overhead applied for the year, Amount of overhead applied 310000