1. Forbes Company uses a predetermined overhead rate based on direct labor-hours to apply manufacturing overhead to jobs. At the beginning of the period, the company estimated manufacturing overhead would be $18,000 and direct labor-hours would be 15,000. The actual figures were $19,500 for manufacturing overhead and 16,000 direct labor-hours. The cost records for the period will show: (Points : 2)

overapplied overhead of $300 overapplied overhead of $1,500 underapplied overhead of $1,500 underapplied overhead of $300 I have tried to follow my textbook, but the answer I come up woth doesn't seem right, please help by showing me the process to find the predetermined overhead rate and then solve. Thanks!