Required information [The following information applies to the questions displayed below.] Stellar Sound, Inc. which uses a job-order costing system, had two jobs in process at the start of 20x1: job no. 64 ($84,100) and job no. 65 ($53,300). The following information is available: a. The company applies manufacturing overhead on the basis of machine hours (based on practical capacity). Budgeted overhead and machine activity for the year were anticipated to be $824,000, and 16,000 hours, respectively. b. The company worked on four jobs during the first quarter. Direct materials used, direct labor incurred, and machine hours consumed were as follows: Direct Material $21,000 Job No. 64 65 66 Direct Machine Labor Hours $35,000 1,200 22,000 700 65,000 2,000 8,800 500 44,000 15,000 c. Manufacturing overhead during the first quarter included charges for depreciation ($33,100), indirect labor ($60,000), indirect materials used ($5,200), and other factory costs ($139,500). d. Stellar Sound completed job no. 64 and job no. 65. Job no. 65 was sold on account, producing a profit of $34,900 for the firm. Required: 1. Determine the company's predetermined overhead application rate. (Round your answer to 2 decimal places.) Predetermined overhead rate per machine hour Required: 3. Determine the cost of jobs still in production as of March 31. (Round your answer to 2 decimal places.) Cost of the jobs in production 4. Did the finished-goods inventory increase or decrease during the first quarter? By how much? (Do not round intermediate calculations.) The finished-goods inventory by 5. Was manufacturing overhead under-or overapplied for the first quarter of the year? By how much? (Do not round intermediate calculations.) The overhead was for the first quarter of the year by