PROBLEM 1 (15 Points) Carter Corporation uses a job-order system with a plantwide overhead rate based on machine hours. At the end of last year the following estimates were made for the coming year: Estimated Machine hours Estimated Labor hours Estimated Overhead 150,000 600,000 S1,350,000 REQUIRED: a. Compute the predetermined overhead rate b. During the year, Job 499 was started and completed. The following information is available concerning this job: 1. Direct Materials -S350 2. Direct Labor Hours 20 Direct Labor cost-- $230 Machine Hours-30 Compute the total manufacturing cost assigned to Job 499. During the year, the company worked a total of 610,000 labor hours and used 147,000 machine hours on all jobs and incurred actual manufacturing overhead costs of $1,325,000. What is the amount of over/underapplied overhead for the year? State whether it is over or under applied. c