Assignment Question for Chapter 5: PROBLEM 5-18 Modusa Products uses a job-order costing system. Overthead conts are applied to jobs on the basis of machinehours. At the beginning of the year management estimated that the company would incur $170,000 in manuachcturing overhead costs for the year and work 85,000 machine-bours. Required 1. Compute the company's predetermined overhead rate. 2. Assume that during the year the company actually works only 80,000 machinehours and incurs the following costs in the Manuacturing Overbead and Work in Process account: Copy the data in the Taccounts above onto your answer sheet. Compute the amount of ovechead cost that woald be applied to Work in Proces for the year, and mate tho eatry in your Taccounts. 3. Conapute the amount of underapplied or overapptied overtead for the year, and show the balance in your Manufacturing Overheda T weccont. Prepare a journal entry to propenty ditpose of the balance. 4. Explain why the manufacturing ovethead was underapplied or overapplied for the yeat