The following information pertains to Trenton Glass Works for the year just ended. Budgeted direct-labor cost: 70,000 hours (practical capacity) at $16 per hour Actual direct-labor cost: 80,000 hours at $17.50 per hour Budgeted manufacturing overhead: $997,500 Actual selling and administrative expenses: 433,000 Actual manufacturing overhead: Depreciation Property taxes Indirect labor Supervisory salaries Utilities Insurance Rental of space Indirect material (see data below) Indirect material: Beginning inventory, January 1 Purchases during the year Ending inventory, December 31 $231,000 23,000 81,000 200,000 58,000 31,000 302,000 80,000 48,000 94,000 62,000 Required: 1. Compute the firm's predetermined overhead rate, which is based on direct-labor hours. (Round your answer to 2 decimal places.) Predetermined overhead rate per DLH 2. Calculate the overapplied or underapplied overhead for the year. (Round your intermediate calculations to 2 decimal places.) Overapplied overhead Underapplied overhead