Wyse Corp uses a normal job-order costing system with overhead applied to products on the basis of direct labor hours. For the upcoming year, Wyse Corp estimated total manufacturing overhead cost at $500, 000 and total direct labor hours of 50, 000. Wyse Corp started the year with no beginning balances in either work in process or finished goods. During the year, actual overhead incurred was $512,500 and 49,000 direct labor hours were used. Required Calculate the predetermined overhead rate. Calculate allocated manufacturing overhead. Is overhead over or under-applied? By how much? Prepare the journal entry to close the MOH for over/under-applied amount