1. Determine the company's predetermined overhead application rate. (Round your answer to 2 decimal places.) 3. Determine the cost of jobs still in production as of March 31. (Round your answer to 2 decimal places.) Cost of the jobs in production 4. Did the finished-goods inventory increase or decrease during the first quarter? By how much? (DO not round intermediate calculations.) The finished-goods inventory by 5. Was manufacturing overhead under-or overapplied for the first quarter of the year? By how much? (Do not round intermediate calculations.) The overhead was for the first quarter of the year by Stellar Sound, Inc. which uses a job-order costing system, had two jobs in process at the start of 20x1: job no. 64 ($84,100) and job no. 65 ($53,400). The following information is available: a. The company applies manufacturing overhead on the basis of machine hours (based on practical capacity). Budgeted overhead and machine activity for the year were anticipated to be $808,000, and 16,000 hours, respectively. b. The company worked on four jobs during the first quarter. Direct materials used, direc labor incurred, and machine hours consumed were as follows: Direct Material $21,000 Job No. 64 65 66 67 Direct Labor $35,000 22,000 65,000 8,800 Machine Hours 1,200 700 2,000 500 44,000 15,000 c. Manufacturing overhead during the first quarter included charges for depreciation ($32,900), indirect labor ($60,100), indirect materials used ($5,000), and other factory costs ($139,500). d. Stellar Sound completed job no. 64 and job no. 65. Job no. 65 was sold on account, producing a profit of $34,800 for the firm