Calculate and Use Overhead Rate Selected data for the consulting department of Austin Consulting, Inc., follow: Estimated consulting overhead cost for the year $135,000 Estimated direct labor cost for the year (@ $9/hr.) Actual manufacturing overhead cost for January Actual direct labor cost for January (1,200 hours) 108,000 8,000 5,500 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 January. General Journal Description Debit Credit c. By what amount is consulting overhead over- or underapplied in January? Consulting overhead was by $ in January.