Problem 2 (10 points): Innovative Metal Products Company manufactures pipes and applies manufacturing costs to production at a budgeted indirect-cost rate of $12 per direct labor-hour. The following data are obtained from the accounting records for June 2018: Direct materials Direct labor (16,000 hours $11/hour) Indirect labor Plant facility rent Depreciation on plant machinery and equipment Sales commissions Administrative expenses $400,000 $ 240,000 $ 25,000 $ 100,000 $ 42,000 $ 30,000 $ 40,000 Required: a. What amount of manufacturing overhead was allocated ("applied") to all jobs during June 2018? b. For June 2018, was manufacturing overhead underallocated or overallocated, and by how much