Use the following to answer questions 1-2: The Wilson Company uses direct labor hours in the determination of its predetermined overhead rate. Below is information for the current year: Estimated manufacturing overhead. Estimated direct labor hours...... Actual manufacturing overhead.. Actual direct labor hours ..$525,000 .15,000 hours $495,000 13,500 hours 1. The predetermined overhead rate for the year is : 2. At the end of the year, the company's overhead is (indicate whether the overhead is overapplied or underapplied and the amount)