Additional Exercise 174 Graham Manufacturing is a small manufacturer that uses machine-hours as its activity base for assigned overhead costs to jobs. The company estimated the following amounts for 2017 for the company and for Job 62: Company Job 62 $60,000 $4,500 $25,000 $2,500 Direct materials Direct labor Manufacturing overhead costs Machine hours $72,000 0,000 1,350 During 2017, the actual machine-hours totaled 95,000, and actual overhead costs were $71,000 Compute the predetermined overhead rate. (Round answer to 2 decimal places, e.g. 52.75.) Predetermined overhead rate per machine hour Compute the total manufacturing costs for Job 62 Total manufacturing costs How much overhead is over or underapplied for the year for the company? State amount and whether it is over- or underapplied Overhead s If Graham Manufacturing sells Job 62 for $14,000, compute the gross profit. Gross profit