Mon Inc. applies overhead using a predetermined overhead rate based on direct labour hours. Manufacturing overhead and direct labour-hours were estimated at $966,000 and 75,000 hours respectively. At the end of the year, the company worked 77,000 direct labour hours for the year and incurred $994,000 in actual manufacturing overhead costs Answer the following. NO COMMAS, NO $. Part 1 Compute the company's predetermined overhead rate (round two decimal places) Part 2 Determine the amount of overhead applied for the period. (NO decimals) Part 3 Indicate if the overhead in Part 2 is either "overapplied" or "underapplied" for the period. Part 4 Will the underapplied or overapplied overhead from Part 3 "increase" or "decrease" net income