Medusa Products uses a job-order costing system. would work 89,000 machine-hours and incur $356,000 in manufacturing overhead costs for the year Overhead oosts are applied to jobs on the basis of machine-hours. At the beginning of the year, management estimated that the company Required: the company's predetermined overhead rate.(Round your answer to 2 declimal places) per MH 2. Assume that during the year the company actually worked only 82,000 machine-hours and incurred $346,000 of manufacturing overhead costs. Compute the amount of underapplied or overapplied overhead for the year. (Round your intermediate calculation to 2 decimal places.)