Exercise 5-3 Compute the Predetermined Overhead Rate [L03] Logan Products computes its predetermined overhead rate annually on the basis of machine-hours. At the beginning of the year. It estimated that its total manufacturing overhead would be $351,500 and machines would be run a total of 21,500 hours. Its actual total manufacturing overhead for the year was $339,400 and Its actual total machine-hours was 21,000 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. {Round your predetermined overhead rate to 2 decimal places.) 0 Answer is not complete. Predeterrnined overhead per rate MH Overapplied overhead 0