A manufacturing company estimates it will incur $240,000 of overhead costs in the next vear The company applies overhead using machine hours and estimates it will use 1,600 machine 2. hours in the next year. What is the predetermined overhead rate for 2020? a) Fast forward to June 2020 when the company used 80 machine hours on Job 1 and 70 machine hours on Job 2. b) What is the overhead applied to Job 1? What is the overhead applied to Job 2? c) Fast forward to the end of the year. The actual overhead totaled $239,000 and applied overhead totaled $242,000. d) What is the over/under applied amount? e) Is it over or under applied? f) What is the journal entry, in correct form to adjust the books at the end of the year for this amount