The following information relates to Amazing Creations Pty Ltd for the year just ended: 84 000 hours @ $22 per hour Budgeted direct labour cost 80 000 hours @ $25 per hour Actual direct labour cost Budgeted manufacturing overhead $1 050 000 Actual manufacturing overhead: 250 000 Depreciation 21 000 Property taxes Indirect labour 85 000 Supervisory salaries 208 000 47 000 Electricity 26 000 Insurance 291 000 Factory rent Indirect material (see data below) 64 000 Indirect material $ Beginning inventory, 1 January 60 000 Purchases 84 000 Ending inventory, 31 December 80 000 Required: 1. Calculate the firm's predetermined overhead rate, which was based on direct labour hours. 2. Calculate the overapplied or underapplied overhead for the year. 3. Prepare a journal entry to close the manufacturing overhead account to cost of goods sold. 4. What caused the overapplied or underapplied overhead