EXERCISE 5-3 Compute the Predetermined Overhead Rate (LO31 Logan Products computes its predetermined overhead rate annually on the basis of machine-hours. At the beginning of the year, in estimated that its total manufacturing overhead would be $348.000 and machines would be run a total of 20.000 hours. Its actual total manufacturing overhead for the year was $336,400 and its actual total machine-hours was 19.00 hours Required: Compute the company's predetermined overhead rate for the year, calculate the total overhead applied, and determine the amous of under-or overapplied overhead in the year