CH17 Job Order Costing Using Excel to calculate a predetermined overhead allocation rate, journalize and post manufacturing journal entries, and adjust for overallocated or underallocated overhead. The company manufactures three-wheeled bikes for adults. The company allocates manufacturing overhead based on machine hours. Cedar River expects to incur $250,000 of manufacturing overhead costs, and to use 10,500 machine hours during fiscal year 2024. Cedar River reported the following inventories at May 31, 2024: Raw Materials Inventory Work-in-Process Inventory Finished Goods Inventory $28,000 $21,000 $46,000 During June, 2024, Cedar River actually used 1,200 machine hours.