Alba Foundry uses a predetermined overhead allocation rate to allocate overhead to individual jobs, based on the machine hours required. (Click the icon to view the costs.) Read the requirements. Data Table - X Requirement 1. Compute Alba's predetermined overhead allocation rate. o por machine hour Predetermined overhead allocation rate per machine hour Requirement 2. Prepare the journal entry to allocate manufacturing overhead. (Record debits first, then credits. Exclude explanations from any journal entries.) Dato Accounts Debit Credit Dec. 31 At the beginning of 2018, the company expected to incur the following: Manufacturing overhead costs $ 900,000 Direct labor costs 1,540,000 Machine hours 75,000 hours At the end of 2018, the company had actually incurred: Direct labor costs $ Depreciation on manufacturing plant and equipment Property taxes on plant Sales salaries Delivery drivers' wages Plant janitor's wages Machine hours 1,150,000 610,000 31,850 26,500 21,000 18,000 67,000 hours Requirement 3. Post the manufacturing overhead transactions to the T-account and calculate the balance. (Enter the ending balance on the last line.) Manufacturing Overhead Print Done Is manufacturing overhead underallocated or overallocated? By how much? Manufacturing overhead is bys Requirement 4. Prepare the journal entry to adjust for the underallocated or overallocated manufacturing overhead. Does your entry increase or decrease cost of goods sold? (Record debits first, then credits. Exclude explanations from any journal entries.) Date 1 Accounts Debit Credit i Requirements Dec. 31 Does your entry increase or decrease Cost of Goods Sold? This entry Cost of Goods Sold. 1. Compute Alba's predetermined overhead allocation rate. 2. Prepare the joumal entry to allocate manufacturing overhead. 3. Post the manufacturing overhead transactions to the Manufacturing Overhead T-account. Is manufacturing overhead underallocated or overallocated? By how much? 4. Prepare the journal entry to adjust for the unders located or overallocated manufacturing overhead. Does your entry increase or decrease Cost of Goods Sold? Print Done