The Hamilton Company planned to produce 160,000 units during the current year. At that production volume, the company estimated that its overhead costs would amount to $712,000. Required: 1) Calculate the predetermined overhead rate per unit based on expected production. 2) Assume that actual output totaled only 150,000 units but the actual overhead cost incurred was $712,000, as expected. How much overhead cost was allocated to work in process? By how much was overhead overapplied or underapplied during the period? (Be sure to indicate whether over- or underapplied.) 3) Assume that actual output totaled 160,000 units, as expected, but actual overhead costs amounted to $694,000. How much overhead cost was allocated to work in process? By how much was overhead overapplied or underapplied during the period? (Be sure to indicate whether over- or underapplied.) 4) Summarize the conditions that lead to over- or underapplied overhead