Tomek Company uses a job costing system that applies factory overhead on the basis of direct labor hours. The company's factory overhead budget for the current year included the following estimates: Didgeted Eotal factory overhead budgeted total direct labor hours $.897,00069,000 At the end of the year, the company shows these results: Netual factory overhead Aetual direct labor hours 510,35069,500 Required: 1. Compute the firm's predetemined factory overhead rate for the current year, 2. Calculate the amount of overapplied or underapplied overhead. 3. Prepare a joumal entry to transfer the underapplied or overapplied overhead to the Cost of Goods Sold account. Complete this question by entering your answers in the tabs below. Compute the firm's predetermined factory overhead rate for the current year. Tomek Company uses a job costing system that applies factory overhead on the basis of direct labor hours. The company's factory overhead budget for the current year included the following estimates: Didgeted Eotal factory overhead budgeted total direct labor hours $.897,00069,000 At the end of the year, the company shows these results: Netual factory overhead Aetual direct labor hours 510,35069,500 Required: 1. Compute the firm's predetemined factory overhead rate for the current year, 2. Calculate the amount of overapplied or underapplied overhead. 3. Prepare a joumal entry to transfer the underapplied or overapplied overhead to the Cost of Goods Sold account. Complete this question by entering your answers in the tabs below. Compute the firm's predetermined factory overhead rate for the current year