Ivanhoe Company estimates that annual manufacturing overhead costs will be $$648,000.$ Estimated annual operating activity bases are direct labor cost $$496\mathrm{.}800,$ direct labor hours $40,000$ and machine hours $80,000.$ The actual manufacturing overhead cost for the year was $$649,080$ and the actual direct labor cost for the year was $$492,480.$ Actual direct labor hours totaled $39,800$ and machine hours totaled $79,000.$ Ivanhot applies overhead based on direct labor hours. Compute the predetermined overhead rate and determine the amount of manufacturing overhead applied. Determine if overhead is over$-$ or underapplied and the amount. $($Round predetermined overhead rate to $2$ decimal places, eg $15\mathrm{.}25$ and all other answers to decimal places, eg$.1,525.)$ Predetermined overhead rate $ per direct labor hour Manufacturing overhead applied $ $