The Winchester Company estimates that its overhead costs will amount to $512,400 and the company's manufacturing employees will work 84,000 direct labor hours during the current year. Assume actual overhead costs for the year amounted to $558,000 and actual labor hours amounted to 89,000. 1. Compute the predetermined overhead rate. 2. Compute the amount of overhead applied. 3. Is overhead overapplied or underapplied and by how much? 4. Prepare the journal entry to close the overhead account to cost of goods sold. Show work