the first month or operations, the company worked on three jobs and recorded the following actual direct materiais cost, direct labor cost, and machine hours for each job: Direct materials used Job 101 $ 19,200 Job 102 $ 14,400 Job 103 $ 9,600 Total $ Direct labor $ 28,800 $ 11,200 $ 9,600 43,200 $ 49,600. Machine hours 1,000 hours 4,000 hours 2,000 hours 7,000 hours Job 101 was completed and sold for $60,000. Job 102 was completed but not sold. Job 103 is still in process. Actual overhead costs recorded during the first month of operations totaled $45,000. Required: 1. Calculate the predetermined overhead rate. 2. Compute the total manufacturing overhead applied to the Work in Process Inventory account during the first month of operations. 3. Compute the balance in the Work in Process Inventory account at the end of the first month. 4. How much gross profit would the company report during the first month of operations before making an adjustment for over- or underapplied manufacturing overhead? 5-a. Determine the balance in the Manufacturing Overhead account at the end of the first month. 5-b. Is it over- or underapplied? 1. Predetermined Overhead Rate 2. Total Applied Manufacturing Overhead 3. Ending Work in Process Inventory 4. Gross profit 5-a. Balance 5-b. Is it over- or underapplied? per machine hour