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Exercise 3-34 Overapplied or Underapplied Overhead (LO 3-4, 3-5) [The following information applies to the questions displayed below.] The following information pertains to Trenton Glass Works for the year just ended. Budgeted direct-labor cost: 75,000 hours (practical capacity) at $16 per hour Actual direct-labor cost: 80,000 hours at $17.50 per hour Budgeted manufacturing overhead: $997,500 Actual selling and administrative expenses: 432,000 Required: 1. Compute the firm's predetermined overhead rate, which is based on direct-tabor hours. (Round your onswer to 2 decimol ploces.) 2. Calculate the overapplied or underapplied overhead for the year, (Round your intermediate colculations to 2 decimal places.) 3. Prepare a journal entry to close out the Manufacturing Overhead account into Cost of Goods Sold. (Round intermediote colculations to 2 decimal places. If no entry is required for a transaction/event, select "No journal entry required" in the first occount field.) Journal entry worksheet Record entry to close out the Manufacturing Overhead account into cost of Goods sold. Journal entry worksheet Record entry to close out the Manufacturing Overhead account into cost of Goods Sold. Note: Enter debits before credits. Design Arts Associates is an interior decorating firm in Berlin. The following costs were incurred in the firm's contract to redecorate the mayor's offices. The firm's budget for the year included the following estimates: Overhead is applied to contracts using a predetermined ovemead rate calcutated annually the rate is based an direct professional labor cost. Required: Calcusate the total cost of the firm's contract to redecorate the mayor's offices