Managerial Accounting: E9-5 The direct labor budget of Yuvwell Corporation

Managerial Accounting 
E9-5 Manufacturing Overhead Budget 
The direct labor budget of Yuvwell Corporation fiscal year contains the following details concerning budgeted direct labor-hours: The company’s variable manufacturing overhead rate is $3.25 per direct labor-hour and the company’s fixed manufacturing overhead is $48,000 per quarter. The only noncash item included is fixed manufacturing overhead is depreciation, which is $16,000 per quarter. 
1st Quarter 2nd Quarter 3rd Quarter 4th Quarter 
Budgeted direct labor-hours 8,000 8,200 8,500 7,800 

Required: 
1. Construct the company’s manufacturing overhead budget for the upcoming fiscal year. 
2. Compute the company’s manufacturing overhead rate (including both variable and fixed manufacturing overhead) for the upcoming fiscal year. Round off to the nearest whole cent.
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