Calculate and Use Overhead Rate Selected data for the consulting department of Kingman Consulting Inc., follow: Estimated consulting overhead cost for the year $630,000 Estimated direct labor cost for the year (@ $9/hr.) 324,000 Actual consulting overhead cost for May 29,000 Actual direct labor cost for May (2,400 hours) 22,000 Assuming that direct labor hours is the basis for applying consulting overhead, a. Calculate the predetermined overhead rate. $ 0 per direct labor hour b. Prepare a journal entry that applies consulting overhead for May. General Journal Description Debit Credit Work in process inventory 0 0 Consulting overhead 0 0 c. By what amount is consulting overhead over-or under-applied in May? $ 0 over-applied