3.2. ABC company is debating the use of direct labor cost or direct labor hours as the cost allocation base for allocating manufacturing overhead. The following information is available for the year ended December 31, 20X9: Estimated direct labor cost $437893 Actual direct labor cost $447,000 Estimated manufacturing overhead costs $350,000 Actual manufacturing overhead costs $338,000 Estimated direct labor hours 250,000 Actual direct labor hours 242,000 Determine the following: a) Predetermined manufacturing overhead rate using direct labor hours as the allocation base b) Allocated manufacturing overhead based on direct labor hours c) Using direct labor hours as the allocation base, prepare the journal entry to close out manufacturing overhead