3-4B Predetermined Overhead Rate, Overapplied and Underapplied Overhead Jones and Associates is an accounting firm. The company uses a job order costing system to apply overhead costs to its jobs on the basis of direct labour hours. Before the year, the company estimated its annual manufacturing overhead would be $50,000 and that its direct-labour workforce would work a total of 2,000 hours. At the end of October, the company had no jobs in progress. The company began work on two jobs in November information related to the jobs is below: ABC Co (Job 67) Peregrine (Job 68) Direct materials $200 $100 Labour costs $6,000 $2,000 Labour hours 150 50 The ABC Co job was fully completed, and the company billed and collected $15,000. The Peregrine job had not been completed by the end of the month, and the client had not been billed. Months later, the actual overhead costs for the month were calculated to be: $4,200. Required: a.) Compute the predetermined overhead rate. b.) Compute the total cost of each job. c.) How profitable was the ABC Co job? d.) By how much was overhead overapplied or underapplied for the month?