Eagle Co. manufactures bentwood chairs and tables. Wood for both products is steam-bent in the same process, but different types of wood are used for each product. Thus, materials cost is identified separately to each product. One production cycle uses 20 board feet. Labor cost is identified to the process as a whole, as is overhead cost. Data for the month of July follow:   Chairs Tables Direct material cost per board foot $3.60     $4.20 Number of parts formed per production cycle (20 board feet)     10           8 Actual operating hours in July    120       380 Parts produced during July 4,000     9,000 Budgeted annual conversion cost:     Labor   $150,000 Utilities     125,000 Depreciation       65,000 Other overhead      50,000 Total   $390,000       Budgeted annual operating hours for steam-bending       5,200   In your computations, round cost per unit amounts to two decimal places. If required, round final answers to the nearest dollar. a.  Compute July’s predetermined rate for the steam-bending process.