ABC corp. has only one production department, named Processing Department. All jobs go through this department, and the company uses a job order costing system. Overhead cost is applied to jobs based on labour hours. In December 2016, management estimated the following production data for 2017 in setting its predetermined overhead rates: Processing Dept Direct Labour Hours 200.000 Departmental Overhead Costs $800.000 One of the jobs completed during 2017 was Job A10. The job order cost sheet showed the following information about this job JOB A10 Direct Material Cost $12.500 Direct Labour Hours 500 Direct Labour Rate $15 per hour Required: 1. Calculate the predetermined overhead rate of Processing Department 2.Calculate the overhead costs allocated to Job A10. 3. Determine the total cost of Job A10 4.Explain the meaning of over/underapplied of overhead costs and how a company should treat this over underapplied of overhead