EXERCISE 5-9 Estimated cost and operating data for three companies for the upcoming year follow: Company X Company Y Company Z Direct labor-hours.... 80,000 45,000 60,000 Machine-hours...... 30,000 70.000 21,000 Direct materials cost.. $400,000 $290,000 $300,000 Manufacturing overhead cost $536,000 $315,000 $480,000 Predetermined overhead rates are computed using the following allocation bases in the three companies: Allocation Base Company X. Company Y..... Company Z ..... Direct labor-hours Machine-hours Direct materials cost Required: I. Compute each company's predetermined overhead rate. 2. Assume that Company X works on three jobs during the upcoming year. Direct labor-hours recorded by job are: Job 418, 12,000 hours; Job 419, 36,000 hours; and Job 420,30,000 hours. How much overhead will the company apply to Work in Process for the year? If actual overhead costs total $530,000 for the year, will overhead be underapplied or overapplied? By how much