PA$2-3($Algo$)$ Calculating Predetermined Overhead Rates, Recording Manufacturing Costs, and Analyzing Overhead $[$LO $2-3,2-4,2-5]$

Tyler Tooling Company uses a job order cost system with overhead applied to products on the basis of machine hours. For the upcoming year, the company estimated its total manufacturing overhead cost at $$199,680$ and total machine hours at $62,400.$ During the first month of operations, the company worked on three jobs and recorded the following actual direct materials cost, direct labor cost, and machine hours for each job:

Job $101$ Job $102$ Job $103$ Total

Direct materials used $ $11,400$ $ $7,400$ $ $5,500$ $ $24,300$

Direct labor $ $17,500$ $ $6,300$ $ $4,100$ $ $27,900$

Machine hours $1,300$ hours $2,600$ hours $700$ hours $4,600$ hours

Job $101$ was completed and sold for $$50,800.$

Job $102$ was completed but not sold.

Job $103$ is still in process.

Actual overhead costs recorded during the first month of operations totaled $$13,520.$

Required:

$1.$ Calculate the predetermined overhead rate.

Note: Round your answer to $2$ decimal places.

$2.$ Compute the total manufacturing overhead applied to the Work in Process Inventory account during the first month of operations.

Note: Round your intermediate calculations to $2$ decimal places.

$3.$ Compute the balance in the Work in Process Inventory account at the end of the first month.

Note: Round your intermediate calculations to $2$ decimal places.

$4.$ How much gross profit would the company report during the first month of operations before making an adjustment for over$-$ or underapplied manufacturing overhead?

Note: Round your intermediate calculations to $2$ decimal places.

$5-$a$.$ Determine the balance in the Manufacturing Overhead account at the end of the first month.

Note: Round your intermediate calculations to $2$ decimal places.

$5-$b$.$ Is it over$-$ or underapplied?