Problem 3 (10 Points) Show and Label all work (round to the nearest cent.) Bishop Manufacturing uses a predetermined overhead rate of $19.35 per direct labor hour This predetermined rate was based on 26,500 estimated direct labor hours and $512,77 of estimated total manufacturing overhead. The company incurred actual total manufacturing overhead costs of $493,000 and 27,800 total direct labor hours during the period. REQUIRED: 1. Determine the amount of underapplied or overapplied manufacturing overhead for the period. .Assuming that the entire amount of the underapplied or overapplied overhead is closed out to Cost of Goods Sold, what would be the effect of the underapplied or overapplied overhead on the ompany's gross margin for the period