4. Ming X Industries cost driver for manufacturing overhead are direct labour-hours. the company estimated labour hours and actual labour hours are 360,000 and 334,000.

The predetermined overhead rate was $49.60 per labour hour.

The manufacturing overhead control T-account showed a debit balance of $367,550 at the end of the year, and this balance was disposed of at the end of the year by closing it to cost of goods sold.

Please determine the following : Did we underapplied or overapplied Manufacturing overhead costs?, Compute actual Manufacturing overhead that was incurred during the year and also tell either this modification at Cost of goods sold will increase or decrease net income?