Predetermined Dvertiead fate, Overhesd Variances, Journaf Intries Craig Company uses a predecermined overhead rate to assign overhead to jobs. Because Craig's production is machine intensive, ovecheud is applied on the bass of machine heurs The expected owerhead for the year was 56,652,800, and the practical level of activity is 378,000 machine hours. During the year, Craing used 3,34,500 machine hours and incuried actual overhead costs of $6,692,200. Craig also had the following bylances of applied overhead in its accounits: Recquiredt 1. Compute a predetermined overtead rate for Craig. Round your answer to the nearest cent. per machune herut 2. Conpute the overheod varance, and label it as under- or overapplied. 3. Assuming the covemead varance is immaturnal, prepare the journal entiy to dispose of the variance at the end of the year. 1. Compute a predetermined overhead rate for Craig. Round your answer to the nearest cent. per machane hour 2. Compute the overhead variance, and label it as under-or overapplied. 3. Assuming the overhead variance is immaterial, prepare the foumal entry to dispose of the variance at the end of the year. 4. Assumang the overhead variance is materal, prepare the journal entry that approprately disposes of the overhead variance at the end of the yeat. If an amot require an entry, leave it blank. 6 more Check My Work uses femaning