3. The Dewey Company uses a predetermined overhead rate to apply manufacturing overhead to production. The rate is based on direct labor hours. Estimates for the year just ended are as follows: Estimated manufacturing overhead $240,000 40,000 Estimated direct labor hours During the year Dewey Company used 37,000 direct labor hours. At the end of the year, Dewey Company records revealed the following information: Raw materials inventory Work-in-process inventory Finished goods inventory Cost of goods sold Manufacturing overhead costs incurred $ 35,000 60,000 105,000 400,000 210,000 Required: a. Calculate the predetermined overhead rate for the year. b. Determine the amount of overhead applied during the year. c. Determine the amount of underapplied or overapplied manufacturing overhead for the year