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 $$223,560$ and total machine hours at $62,100.$ 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 $101$ Job $102$ Job $103$ Total

Direct materials used $ $11,100$ $ $7,300$ $ $5,700$ $ $24,100$

Direct labor $ $16,700$ $ $6,000$ $ $5,700$ $ $28,400$

Machine hours $1,800$ hours $2,800$ hours $900$ hours $5,500$ hours

Job $101$ was completed and sold for $$50,100.$

Job $102$ was completed but not sold.

Job $103$ is still in process.

Actual overhead costs recorded during the first month of operations totaled $$18,700.$

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 Inventory account 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?

$1$ Predetermined overhead rate$=$

$2$Total applied manufacturing overhead

$3$Ending work in process inventory$=$

$4$ Gross profit$=$

$5-$a Balance$=$

$5-$b Is it over$-$ or underapplied?