Exam 1 18FS (1) -Protected View- Saved to this PC Tell me what you want to do References Mailings Review View Help tain vieuses. Unless you need to edit, it's safer to stay in Protected View. Enable Editing Problem 5 (10 points) Blanket Corporation applies manufacturing overhead on the basis of direct labor hours. At the beginning of the most recent year, the company based its predetermined estimated overhead of $239,700 and 4,700 estimated direct labor hours. Actual manufacturing overhead for the year amounted to $242,000 and actual direct labor hours were 4,600. overhead rate on total Required Compute the company's predetermined overhead rate for the year. a. b. Determine the amount of manufacturing overhead that would have been applied to units of product for the year Determine the amount of underapplied or overapplied manufacturing overhead for the year. Don't forget to tell me if it is underapplied or overapplied. c. Assuming that the entire amount of the underapplied or overapplied overhead is closed out to cost of goods sold, what would be the effect of the underapplied or overapplied overhead on the company's net income for the period? d