Exercise A: Calculate and Use Overhead Rate Selected data for the consulting department of Kingman Consulting, Inc., follow: $405,000 Estimated consulting overhead cost for the year Estimated direct labor cost for the year (@ $9 per hour) Actual manufacturing overhead cost for May Actual direct labor for May (2,400 hours) $324,000 $26,000 $22,000 Assume that direct labor cost is the basis for applying consulting overhead, a. Calculate the predetermined overhead rate. b. Calculate the applied overhead for May. c. By what amount is consulting overhead over or underapplied in May? d. Assume that the basis for applying consulting overhead is direct labor hours, calculate the applied manufacturing overhead