For many years, congressman ricardo perez has called for more government regulation of business. "after all," the congressman said recently, "business people are out to make a profit, not to create jobs or serve their customers. the government must pass more laws to require businesses to take the interests of consumers and workers into account." from these comments, it is clear that congressman perez: agrees with the ideas of thomas malthus. does not accept the "invisible hand" idea brought forth by adam smith. is unaware of the fact that most businesses in the united states are owned by the government. does not realize that government regulation is already the main determinant of business decisions in capitalist economies.

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.