2. Assuming that the entire amount of the under or over allocated overhead is closed out to Cost of Goods Sold, what would be the effect of the under or over allocated overhead on the company's gross margin for the period? gross Margth #wall be donne Practice with textbook wording Osborn Manufacturing uses a predetermined overhead rate based on direct labor-hours. This predetermined rate was based on 81,250 estimated direct labor-hours and $650,000 of estimated total manufacturing overhead The company incurred actual total manufacturing overhead costs of $517,500 and 54,500 total direct labor-hours during the period Required: 1. Determine the amount of under or over allocated manufacturing overhead for the period. 651.100 treet labe how you actual reults