1. Buckhorn Corporation bases its predetermined overhead rate on the estimated m

1. Buckhorn Corporation bases its predetermined overhead rate on the estimated machine hours for the upcoming year. Data for the upcoming year appear below.Estimated machine hours85000Estimated variable manufacturing overhead$5.55 per machine hourEstimated total fixed manufacturing overhead$951888 Required:Compute the companys predetermined overhead rate.2. Payment Inc. is preparing its cash budget for February. The budgeted beginning cash balance is $27000. Budgeted cash receipts total $136000 and budgeted cash disbursements total $128000. The desired ending cash balance is $50000. The company can borrow up to $110000 at any time from a local bank with interest not due until the following month. Required:Prepare the companys cash budget for February in good form. Make sure to indicate what borrowing if any would be needed to attain the desired ending cash balance.