Tyler Tooling Company uses a job order cost system with overhead applied to products on the basis of machine hours. For the upcoming year, the company estimated its total manufacturing overhead cost at $240,920 and total machine hours at 63,400 . During the first month of operations, the company worked on three jobs and recorded the following actual direct materials cost, direct labor cost, and machine hours for each job: Job 101 was completed and sold for $50,500. Job 102 was completed but not sold. Job 103 is still in process. Actual overhead costs recorded during the first month of operations totaled $14,860. Required: 1. Calculate the predetermined overhead rate. (Round your answer to 2 decimal places.) 2. Compute the total manufacturing overhead applied to the Work in Process inventoryaccount during the first month of operations. (Round your intermediate calculations to 2 decimal places.) 3. Compute the balance in the Work in Process inventory account at the end of the first month. (Round your intermediate calculations to 2 decimal places.) 4. How much gross profit would the company report during the first month of operations before making an adjustment for over- or underapplied manufacturing overhead? (Round your intermediate calculations to 2 decimal places.) 5-a. Determine the balance in the Manufacturing Overhead account at the end of the first month. (Round your intermediate calculations to 2 decimal places.) 5-b. Is it over-or underapplied? \begin{tabular}{|l|l|l|l|} \hline & & & \\ \hline 1. & Predetermined Overhead Rate & & per Machine Hour \\ \hline 2. & Total Applied Manufacturing Overhead & & \\ \hline 3. & Ending Work in Process Inventory & & \\ \hline 4. & Gross profit & & \\ \hline 5-a. & Balance & & \\ \hline 5-b. & Is it over- or underapplied? & & \\ \hline \end{tabular}