Carey Company applies manufacturing overhead costs to products as a percentage of direct labor dollars. Estimated and actual values of manufacturing overhead and direct labor costs are summarized here: Direct labor cost Manufacturing overhead Estimated $600,000 Actual $550,000 900,000 850,000 Required: 1. Determine how much overhead to apply to production. Applied Manufacturing Overhead 2. State whether applied overhead was based on actual values, estimated values, or both. Actual Values Estimated Values O Both