Required information Exercise 3-34 Overapplied or Underapplied Overhead (LO 3-4. 3-5) [The following information applles to the questions displayed below.] The following information pertains to Trenton Glass Works for the year just ended. Budgeted direct-labor cost: 70,000 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: 434,000 Exercise 334 Part 1 Required: 1. Compute the firm's predetermined overhead rate, which is based on direct-labor hours. (Round your onswer t 2. Calculate the overapplied or underapplied overhead for the year. (Round y