At the beginning of 2018, the company expected to incur the following: Manufacturing overhead costs $ 850,000 Direct labor costs 1,490,000 Machine hours 85,000 hours At the end of 2018, the company had actually incurred: $ 1,170,000 550,000 31,850 Direct labor costs Depreciation on manufacturing plant and equipment Property taxes on plant Sales salaries Delivery drivers' wages Plant janitor's wages Machine hours 26,500 24,000 22,000 62.000 hours Requirement 1. Compute Jackson's predetermined overhead allocation rate, 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 journa Date Accounts Debit Credit Dec. 31 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 Is manufacturing overhead underallocated or overallocated? By how much? Manufacturing overhead is ] by s 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? (Reco Exclude explanations from any journal entries.) Date Accounts Debit Credit Dec. 31 Does your entry increase or decrease Cost of Goods Sold? This entry Cost of Goods Sold Choose from any list or enter any number in the input fields and then continue to the next