The Wilson Phillips Company has one service department (M) and two production departments (P1 and P2). Department M allocates services costs using machine hours in the production departments, and M allocated variable costs and fixed costs separately. For the year 2020, Department M had budgeted variable costs of $50,000 and budgeted fixed costs of $80,000. Also for 2020, P1 had budgeted machine hours of 5,000 and P2 had budgeted machine hours of 15,000. The maximum machine hours for the production departments are 7,000 for P1 and 18,000 for P2. Before service costs are allocated, P2 has budgeted departmental overhead of $302,900. Department P2 computes its predetermined overhead rate based on budgeted direct labor hours, which were 40,000 hours for 2020. Compute the predetermined overhead rate for 2020. Round your rate to the nearest cent, if needed. Refer to question 2. At the end of 2020, the accountant for the Wilson Phillips Company needs to compute the underallocated or overallocated overhead for the year. The actual costs incurred in Department M during 2020 are $51,700 for variable costs and $78,960 for fixed. During 2020, there were 4,800 machine hours in P1 and 14,000 machine hours in P2. The actual overhead incurred in P2 in 2020 (before service cost allocations) is $298,000. There were 39,000 actual direct labor hours in P2 during 2020. Compute the underallocated or overallocated overhead for 2020 in Department P2. Again, please show me enough of your work that I can give you partial credit