Exercise 5-3 Compute the Predetermined Overhead Rate (LO3] Logan Products computes its predetermined overhead rate annually on the basis of machine hours. At the beginning of the year, it estimated that its total manufacturing overhead would be $361,500 and machines would be run a total of 26,500 hours. Its actual total manufacturing overhead for the year was $349,400 and its actual total machine-hours was 26,000 hours. Required: Compute the company's predetermined overhead rate for the year, calculate the total overhead applied, and determine the amount of under-or overapplied overhead in the year. (Round your predetermined overhead rate to 2 decimal places.) Predetermined overhead rate per MH