Calculate and Use Overhead Rate Selected data for the consulting department of Kingman Consulting, Inc., follow: Estimated consulting overhead cost for the year Estimated direct labor cost for the year (@ $9/hr.) Actual manufacturing overhead cost for May Actual direct labor cost for May (2,400 hours) $1,265,625 506,250 81,250 68,750 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. General Journal Description Debit Credit c. By what amount is consulting overhead over- or underapplied in May? Consulting overhead was by $ in May.