2 (12 Points) Moscone Corporation bases its predetermined overhead rate on the estimated labor-hours for the upcoming year. At the beginning of the most recently completed year, the company estimated the labor-hours for the upcoming year at 78,000 labor-hours. The estimated variable manufacturing overhead was $9.99 per labor-hour and the estimated total fixed manufacturing overhead was $985,920. The actual manufacturing overhead for the year was $1,812,700 and the company's direct labor workers worked a total of 80,000 labor-hours. Required: 1. 2. 3. 4. Compute the company's predetermined overhead rate. Compute the amount of manufacturing overhead applied. Is manufacturing overhead overapplied or underapplied? By how much? Prepare the journal entry to close the overapplied or underapplied overhead to Cost of Goods Sold