The following table shows the balance of certain accounts on the Holmes, Inc. balance sheet at the end of December 31 and the following three-day period. By December 31, the company had not yet started its primary operations. However, they had begun some minor activities: Balances at the Cash Inventories Assets* 15,000 A/P Bank Loan 5,000 8,000 Sh. close of... 11,000 14,000 Dec, 31 7,000 14,000 15,000 15,000 1,000 8,000 1,000 13,000 Equity 27,000 27,000 27,000 Jan, 3 Jan, 4 12,000 14,000 8,000 20,000 Fixed 15,000 3,000 13,000 27,000 Jan, 5 *Fixed assets is the same as non-current assets. What activity took place on January 3?

The direct labor budget of yuvwell corporation for the upcoming fiscal year contains the following details concerning budgeted direct labor-hours: 1st quarter 2nd quarter 3rd quarter 4th quarterbudgeted direct labor-hours 11,200 9,800 10,100 10,900the company uses direct labor-hours as its overhead allocation base. the variable portion of its predetermined manufacturing overhead rate is $6.00 per direct labor-hour and its total fixed manufacturing overhead is $80,000 per quarter. the only noncash item included in fixed manufacturing overhead is depreciation, which is $20,000 per quarter.required: 1. prepare the company’s manufacturing overhead budget for the upcoming fiscal year.2. compute the company’s predetermined overhead rate (including both variable and fixed manufacturing overhead) for the upcoming fiscal year.