The following information pertains to trenton glass works for the year just ended. budgeted direct-labor cost: 70,000 hours (practical capacity) at $16 per hour actual direct-labor cost: 80,000 hours at $17.50 per hour budgeted manufacturing overhead: $997,500 actual selling and administrative expenses: 431,000 actual manufacturing overhead: depreciation $233,000 property taxes 21,000 indirect labor 80,000 supervisory salaries 200,000 utilities 58,000 insurance 32,000 rental of space 301,000 indirect material (see data below) 77,000 indirect material: beginning inventory, january 1 47,000 purchases during the year 93,000 ending inventory, december 31 63,000referencessection breakexercise 3-34 overapplied or underapplied overhead (lo 4, 5)1.value: 0.83 pointsrequired informationexercise 3-34 part 1required: 1. compute the firm’s predetermined overhead rate, which is based on direct-labor hours. (round your answer to 2 decimal places. omit the "$" sign in your response.) predetermined overhead rate $ per 3-34 part 12.value: 0.83 pointsrequired informationexercise 3-34 part 22. calculate the overapplied or underapplied overhead for the year. (omit the "$" sign in your response.)