Belkoe Corp uses a job order costing system with manufacturing overhead applied to products on the basis of direct labor hours. For the upcoming year, Belkoe Corp estimated total manufacturing overhead cost at $550,000 and total direct labor hours of 50,000. Belkoe Corp started the year with no beginning balances in either Work in Process Inventory or Finished Goods Inventory. During the year actual manufacturing overhead incurred was $502,500 and 49,000 direct labor hours were used. i. Calculate the predetermined overhead rate. ii. Calculate how much manufacturing overhead will be applied to production. ii. Is overhead over- or underapplied? By how much? iv. What account should be adjusted for over- or underapplied overhead? Should the balance be increased or decreased