Complete the following problems on Word or Excel: 1. The Corchran Company forecasts that total overhead for the current year will be $12,000,000 and that total machine hours will be 100,000 hours. Year to date, the actual overhead is $8,000,000 and the actual machine hours are 200,000 hours. If the Cochran Company uses a predetermined overhead rate based on machine hours for applying overhead, what is that overhead rate? Show the OH T-account at this point in the year. Is OH underapplied or overapplied? 2. The following overhead cost information is available for the Joseph Corporation: Activity Allocation Base (Driver) Overhead Cost Purchasing Number of purchase orders $400,000 Receiving Number of shipments received 100,000 Machine setups Number of setups 400,000 Quality control Number of inspections 150,000 During the year 8,000 purchase orders were issued; 25,000 shipments were received; 4,000 machine setups occurred; and 7,500 inspections were conducted. Employees worked a total of 10,000 hours on production. 1. Determine the plantwide overhead rate, using the traditional overhead allocation method based on direct labor hours. 2. Determine the overhead rate for each of the activities, assuming that ABC is used.