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: At the end of the year, the company shows these results: Required: 1. Compute the firm's predetermined factory overhead rate for the current year. 2. Caiculate the amount of overapplied or underapplied overhead. 3. Prepare a journal entry to transfer the underapplied or overapplied overhead to the Cost of Goods Sold account