Kramer Company uses a predetermined overhead rate based on direct labor hours to assign factory overhead to production. The following predictions were made for 2016: Total estimated factory overhead costs Estimated direct labor hours $150.000 40,000 hours At the end of 2016 the following actual data was reported: Total actual factory overhead costs $152,500 Actual direct labor hours 42,000 hours Required Compute the predetermined overhead rate to be used for 2016. Compute the amount of overhead applied during 2016. Compute the balance in the 'Manufacturing Overhead' account at the end of the year. Ywas 'Manufacturing Overhead' over-applied or under-applied? By how much