E2-7 (Static) Calculating Overhead Rates, Actual and Applied Manufacturing Overhead, and Analyzing Over- or Underapplied Manufacturing Overhead (LO 2-3, 2-5) Cambridge Manufacturing Company applies manufacturing overhead on the basis of machine hours. At the beginning of the year, the company estimated its total overhead cost to be $325,000 and machine hours to be 25,000. Actual manufacturing overhead and machine hours were $372,000 and 26.000, respectively. Required: 1. Compute the predetermined overhead rate 2. Compute applied manufacturing overhead. 3. Compute over or underapplied manufacturing overhead. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Compute the predetermined overhead rate. Predetermined Overhead Rate I per Machine Hour Required 2 >