Required Information 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: 434,000 Actual manufacturing overhead: Depreciation $231, 030 Property taxes 21, 830 Indirect labor 81, 030 Supervisory salaries 202, 860 Utilities 58, 090 Insurance 32, 090 Rental of space 301, 060 Indirect material (see data below) 78, 030 Indirect material: Beginning inventory, January 1 48, 030 Purchases during the year 94, 830 Ending inventory, December 31 64, 830 Exercise 3-34 Part 1 Required: 1. Compute the firm's predetermined overhead rate, which is based on direct-labor hours. (Round your answer to 2 decimal places.) Predetermined overhead rate per DLHExercise 3-34 Part 2 2. Calculate the overapplied or underapplied overhead for the year. (Round your Intermediate calculations to 2 decimal places.)