Alba Foundry in Rochester, New York, uses a predetermined manufacturing overhead rate to allocate overhead to individual jobs based on the machine hours required. At the beginning of the year, the company expected to incur the following: : (Click the icon to view the costs.) Requirements 1. Compute Alba's predetermined manufacturing overhead rate. 2. How much manufacturing overhead was allocated to jobs during the year? 3. How much manufacturing overhead was incurred during the year? Is manufacturing overhead underallocated or overallocated at the end of the year? By how much? 4. Were the jobs overcosted or undercosted? By how much? Requirement 1. Compute Alba's predetermined manufacturing overhead rate. Determine the formula to calculate the predetermined overhead rate, then calculate the rate. Predetermined overhead rate Alba Foundry in Rochester, New York, uses a predetermined manufacturing overhead rate to allocate overhead to individual jobs based on the machine hours required. At the beginning of the year, the company expected to incur the following: : (Click the icon to view the costs.) Requirements 1. Compute Alba's predetermined manufacturing overhead rate. 2. How much manufacturing overhead was allocated to jobs during the year? 3. How much manufacturing overhead was incurred during the year? Is manufacturing overhead underallocated or overallocated at the end of the year? By how much? 4. Were the jobs overcosted or undercosted? By how much? Requirement 1. Compute Alba's predetermined manufacturing overhead rate. Determine the formula to calculate the predetermined overhead rate, then calculate the rate. Predetermined overhead rate