Craig Company uses a predetermined overhead rate to sign overhead to jobs. Because Craig's production is machine wave overhead is applied on the basis of machine hours. The expected overhead for the year was $5,452,800, and the practical level of activity is 334.000 machine hours. During the year Craigused 390,500 machine hours and incurred actual overhead costs of $5.465,100. Caso had the following bulances of applied overhead in its accounts: Work-in-process inventory $ 634,430 Finished goods inventory 572.880 Cost of goods sold 1.872.640 Required: 1. Computea predetermined overhead race for Craig. Round your answer to the rest ce per machine hour 2. Compute the overhead variance, and label it as under or overspplied 3. Assuming the overhead variance is immaterial, prepare the journal entry to dispose of the variance at the end of the year 4. Assuming the overhead variance is material, prepare the journal entry the appropriate dispose of the commend vrience the end of the year. amount box does not require an entry leave e bank