EXERCISE 53 Compute the Predetermined Overbend Rate 10301 Logan Products.computes its predetermined overhead rate annually on the basis of machine hours. At the beginning of the year, i estimated that its total manufacturing overhead would be $318.000 and machines would be run a total of 20.000 hours. Ils actual total manufacturing overhend for the year was $336,400 and its actual total machine-hours war 19.500 hours Required: Compute the company's predetermined overhead rate for the year, calculate the total overhead applied, and determine the amount of under-or overapplied overhead in the year