2. Suppose your company uses direct labor "hours" for the predetermined overhead rate. For a specific job, budgeted overhead was $710,000 based on a budgeted volume of 100,000 direct labor hours. Looking back on the job, actual overhead amounted to $770,000 and actual direct labor hours totaled 110,000 for that job. Please calculate the predetermined overhead rate. Hint: Estimates of DL hours, as well as Overhead, will be necessary. 3. Using the information in Problem #2, please calculate the applied for allocated) overhead amount In addition, please calculate the variance and state whether the variance is over applied or under applied 4. Please demonstrate the flow of production of inventory, within a maruthcturing company