L01 Morrison, Inc., costs products using a normal costing system. The following data are available for last year: Budgeted: Overhead $952,000 140,000 34,000 Machine hours Direct labor hours Actual: Overhead $950,000 137,000 33,100 $3,500,000 500,000 Machine hours Direct labor hours Prime cost Number of units Overhead is applicd on the basis of direct labor hours. Part 1 Foundation Concepts Required: 1. What was the predetermined overhead rate? 2. What was the applied overhead for last year? 3. Was overhead over- or underapplied, and by how much? 4. What was the total cost per unit produced (carry your answer to four decimal places)?