EXERCISE 3-12 Computing Predetermined Overhead Rates and Job Costs [LOI, LO2, LO3, LO7] Kody Corporation uses a job-order costing system with a plantwide overhead rate based on machine-hours. At the beginning of the year, the company made the following estimates: Machine-hours required to support estimated production Fixed manufacturing overhead cost Variable manufacturing overhead cost per machine-hour 150,000 $750,000 $4.00 Required: 1. Compute the predetermined overhead rate. 2. During the year Job 500 was started and completed. The following information was available with respect to this job: Direct materials requisitioned Direct labor cost. Machine-hours used $350 $230 30 Compute the total manufacturing cost assigned to Job 500. 3. During the year the company worked a total of 147.000 machine-hours on all jobs and incurred actual manufacturing overhead costs of $1,325,000. What is the amount of underapplied or overapplied overhead for the year? I cland el