Required: 1. Compute the predetermined overhead rate to be used in each company. 2. Assume that Company X works on three jobs during the upcoming year Direct labor-hours recorded by job are: job 237, 7,000 hours; job 238, 30,000 hours; and job 239, 21,000 hours. How much overhead cost wil the company apply to Work in Process for the year? If actual costs are P420,000 for the year, will overhead be underapplied or overapplied? By how much? Required: 1. Compute the predetermined overhead rate to be used in each company. 2. Assume that Company X works on three jobs during the upcoming year Direct labor-hours recorded by job are: job 237, 7,000 hours; job 238, 30,000 hours; and job 239, 21,000 hours. How much overhead cost wil the company apply to Work in Process for the year? If actual costs are P420,000 for the year, will overhead be underapplied or overapplied? By how much