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 $367,500 and machines would be run a total of 41,500 hours. Its actual total manufacturing overhead for the year was $355,400 and its actual total machine-hours was 41,000 hours. Required: Compute the companys 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.)