Q3: A bottling company assigns overhead using machine hours as the basis. The company estimated the following data based on the previous year: Estimated Overhead Estimated Direct materials Estimated Machine hours Estimated Direct labor cost Estimated Direct labor hours $542,200 $241.300 67900 hours $326,300 80200 hours a. Calculate the predetermined overhead rate. Round to 2 decimal places Predetermined overhead rate = b. Calculate applied overhead and any over- or under-applied overhead. The company had 65600 actual machine hours, 76600 actual direct labor hours, and actual overhead of $503,000. c. Prepare the journal entry to adjust any over- or under-applied overhead ACCOUNT NAME DEBIT CREDIT