3. Eric Corporation bases its predetermined overhead rate on the estimated labor-hours for the year. Dute for the most recently completed year appear below: 25,000 59 per labor-hour $300,000 Estimates made at the beginning of the year Estimated Labor-hours Estimated variable manufacturing overhead Estimated to al fixed manufacturing overhead Actual labor-hours for the year: 24,500 (a) Compute the company's predetermined overhead rate for the year (5 points). (b) If total manufacturing overhead for the year was underapplied for $6,000, prepare a journal entry to close the balance in the Manufacturing Overhead account to Cost of Goods Sold. (2 points) Account Titles / Debit Credit (c) The job cost sheet for Job ABG12, which was started and completed during the year, showed the following: Materials requisitioned $1,000 Direct labor hours 100 Direct labor rate $12 per hour Compute the total product cost recorded for Job ABG12. Please note that you need to use predetermined overhead rate calculated in (a) (5 points)