Len-Te Company has a job-order costing system and applies manufacturing overhead cost to products based on machine hours. The following estimates were used in preparing the predetermined overhead rate for the most recent year Machine hours 100,000 Manufacturing overhead cost $2,000,000 During the most recent year, a severe recession in the company's industry caused the curtallment of production and a buildup of inventory in the company's warehouses. The company's cost records revealed the following actual cost and operating data for the year: 80,000 Machine hours Manufacturing overhead cost $1,845,000 Amount of applied overhead in inventories at year-end Work in process $200,000 $350,000 Finished goods Amount of applied overhead in cost of goods sold for the year 51450,000 Required Compute the company's predetermined overhead Gite for the year and the amount of underapplied or overapplied overhead for the year 12