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 Requirement 1. Compute Alba's predetermined overhead allocation rate. Predetermined overhead allocation rate At the beginning of 2024, the company expected to incur the following: Manufacturing overhead costs per machine hour Direct labor costs Machine hours $900,000 1,470,000 75,000 hours At the end of 2024, the company had actually incurred: Requirements Direct labor costs $1,190,000 Depreciation on manufacturing plant and equipment 590,000 1. Compute Alba's predetermined overhead allocation rate. 2. Prepare the journal 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 underallocated or overallocated manufacturing overhead. Does your entry increase or decrease Cost of Goods Sold? Plant janitor's wages Machine hours Property taxes on plant Sales salaries Delivery drivers' wages 38,000 27,500 21,500 23,000 62,000 hours