Delaware Corporation prepared the attached information at the beginning of the current fiscal year for its manufacturing operations related to its sales to wholesalers. During the year, the company manufactured 100,000 units using a total of 495,000 machine hours and 110,000 direct labor hours. The total actual manufacturing overhead for the year was $1,000,000 and the total actual direct labor cost was $2,800,000. The company applies overhead to production based on machine hours used. REQUIRED: (1) (2) Compute Delaware's predetermined manufacturing overhead application rate for the current fiscal year. Round your answer to the nearest cent (two decimal places). Compute the amount of manufacturing overhead that Delaware should have applied to production during the current fiscal year. Round your answer to the nearest whole dollar. Compute the amount of under- or overapplied manufacturing overhead for Delaware for the current fiscal year. How should Delaware dispose of the under- or overapplied manufacturing overhead for the current fiscal year? Be sure to cover all alternatives available to the company and briefly explain how each alternative is implemented. (3) (4) DELAWARE CORPORATION BUDGETED INFORMATION RELATED TO MANUFACTURING OPERATIONS FOR CURRENT FISCAL YEAR Budgeted Manufacturing Overhead $ 950,000 Budgeted Direct Labor Cost $ 2,500,000 Budgeted Direct Labor Hours 100,000 Budgeted Machine Hours 475,000 Budgeted Units of Production 95,000