Bravo Company uses a predetermined overhead rate to apply manufacturing overhead to production. The rate is based on direct labor hours. Beginning of the year estimates for the year just ended were as follows: Estimated manufacturing overhead $240,000 Estimated direct labor hours 40,000 During the year, Bravo used a total of 37,000 direct labor hours. At the end of the year, Bravo?s records revealed the following information: Raw materials inventory $ 35,000 Work in process inventory 60,000 Finished goods inventory 105,000 Cost of goods sold 400,000 Manufacturing overhead costs incurred 210,000 a. Compute the predetermined overhead rate for the year. b. Determine the amount of overhead applied to production during the year. c. Determine the amount of underapplied or overapplied manufacturing overhead for the year