The following information pertains to Trenton Glass Works for the year just ended. Exercise 3-34 Overapplied or Underapplied applied Overhead (LO 3-4,3-5) Budgeted direct labor cost: 75,000 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 seling and administrative expenses: 435.000 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 21,000 82,000 200,000 59,000 30,000 300,000 79,000 48,000 94,000 63,000 Required: 1. Compute the firm's predetermined overhead rate, which is based on direct labor hours. 2. Calculate the overapplied or underapplied overhead for the year. 3. Prepare a journal entry to close out the Manufacturing Overhead account into Cost of Goods Sold