Calculate and Use Overhead Rate Selected data for the consulting department of Austin Consulting, Inc., follow: Estimated consulting overhead cost for the year $360,000 Estimated direct labor cost for the year (@ $9/hr.) 180,000 Actual manufacturing overhead cost for January 19,500 Actual direct labor cost for January (1,200 hours) 11,000 Assuming that direct labor cost is the basis for applying consulting overhead, a. Calculate the predetermined overhead rate. 18 X % b. Prepare a journal entry that aplies consulting overhead for January General Journal Description Debit Credit Work in process inventory 19,500 X 0 Consulting overhead 0 19,500 X c. By what amount is consulting overhead over- or underapplied in January? Consulting overhead was over-applied by $ 2,100 x in January e e Check