Read the case IPX Packaging and utilize the data included in the case to answer the following questions.

1. Calculate the overhead rate set at the beginning of the year.

2. Calculate the amount of over/underabsorbed overhead for the year.

3. The company's policy is to write off any over/underabsorbed overhead to cost of goods sold. Will net income rise or fall this year when the over/underabsorbed overhead is written off to cost of goods sold?

APA format followed please, and write it in your own words. More than 25% similar to other source and your work will be denied