Calculate and Use Overhead Rate Selected data for the consulting department of Kingman Consulting, Inc., follow: Assuming that direct labor cost is the basis for applying consulting overhead, a. Calculate the predetermined overhead rate. b. Prepare a journal entry that applies consulting overhead for May. c. By what amount is consulting overhead over- or underapplied in May? Calculate and Use Overhead Rate Selected data for the consulting department of Kingman Consulting, Inc., follow: Assuming that direct labor cost is the basis for applying consulting overhead, a. Calculate the predetermined overhead rate. b. Prepare a journal entry that applies consulting overhead for May. c. By what amount is consulting overhead over- or underapplied in May