PROBLEM. Please show your computations to receive full credit. Cadburn Corp uses a job order costing system with manufacturing overhead applied to products on the basis of direct labor hours. For the upcoming year, Cadburn Corp estimated total manufacturing overhead cost at $300,000 and total direct labor hours of 50,000. During the year actual manufacturing overhead incurred was $320,000 and 52,000 direct labor hours were used. 1. Calculate the predetermined overhead rate. ii. Calculate how much manufacturing overhead will be applied to production. ill. Is overhead over- or underapplied? By how much? iv. What account should be adjusted for over- or underapplied overhead? Should the balance be increased or decreased