Estimated factory overhead =$132,000 Actual factory overhead for the year =$144,000 Estimated machine hours =55,000 hours Actual machine hours =53,000 hours Estimated direct labor hours =41,250 hours Actual direct labor hours =41,500 hours Estimated direct labor cost =$825,000 Actual direct labor cost =$828,000 1. Calculate the predetermined overhead rate if the company uses the following as a basis: (we saw how to do this in a prior week) (a) Direct labor hours. (b) Direct labor cost. (c) Machine hours. 2. Calculate applied overhead cost for the year, and any over- or under-applied overhead if the company uses the following as a basis: [Note, when actual overhead > applied overhead ==> Under-applied overhead; actual overhead Over-applied overhead] (a) Direct labor hours. (b) Direct labor cost. (c) Machine hours