Logan Products computes its predetermined overhead rate annually on the basis of direct labour-hours. At the beginning of the year, it estimated that its total manufacturing overhead would be $586,000 and the total direct labour would be 40,000 hours. Its actual total manufac- turing overhead for the year was $713,400 and its actual total direct labour was 41,000 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