Question: Please explain the correct approach for solving this general accounting question. METROTECH INDUSTRIES HAS A PREDETERMINED OVERHEAD RATE OF 162% OF DIRECT LABOR COST. ESTIMATED

Please explain the correct approach for solving this general accounting question.

METROTECH INDUSTRIES HAS A PREDETERMINED OVERHEAD RATE OF 162% OF DIRECT LABOR COST. ESTIMATED OVERHEAD FOR THE PERIOD WAS $410,000. THE ACTUAL COST FOR DIRECT LABOR WAS $289,000, AND THE ACTUAL OVERHEAD WAS $463,000. . HOW MUCH OVERHEAD WAS APPLIED? . HOW MUCH WAS OVER- OR UNDER-APPLIED OVERHEAD

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