The degree of skill or care required of an agent is usually that expected of a(n) person under similar circumstances. A(n) agent cannot be held liable for breach of contract because there is no contract. A gratuitous agent must perform in a(n) manner and is subject to the same standards of care and duty to perform as other agents. Generally, the law assumes that the principal is aware of any information acquired by the agent that is to the agency. The agent has the duty to act for the benefit of the principal and not in the interest of the agent or a third party. It is a breach of loyalty to disclose information or knowledge through the agency relationship. The agent's actions must be strictly for the benefit of the principal and must not result in any profit for the agent.

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.