Cool Company applies manufacturing overhead on the basis of machinehours. On December 31, the company's manufacturing overhead control T-account included the following amounts for the whole year. Halufactur'in Overhead Control ?,865,?26 I 8,246,603 I At the beginning of the year, management estimated overhead to be $8 million and the allocation base to be 400,000 machinehours. Required: 1. Compute the predetermined overhead rate for the year. How many machine-hours were actually consumed during the year? Predetermined overhead rate $ 8,000,000 Machinehours consumed _ 1 What is the amount of actual overhead cost incurred for the year? _:| 3. At the end of the year, did the company overapply or underapply overhead, and by how much? The company overhead by