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.) Read the requirements. Requirement 1. Compute Alba's predetermined manufacturing overhead rate. Determine the formula to calculate the predetermined overhead rate, then calculate the rate. Estimated yearly overhead costs $ 580,000 Estimated yearly machine hours 72,500 Predetermined overhead rate 8 per machine hour Requirement 2. How much manufacturing overhead was allocated to jobs during the year? Determine the formala to calculate the overhead to be allocated, then calculate the manufacturing overhead allocated. Estimated direct labor hours 72500 Predetermined overhead rate : Manufacturing overhead allocated