Classic Woods manufactures jewelry boxes. The primary materials (wood, brass, and glass) and direct labor are assigned directly to the products. Manufacturing overhead costs are allocated based on machine hours. Data for 2018 follow: (Click the icon to view the cost data.) Read the requirements. . X Data Table Requirement 1. Compute the predetermined overhead allocation rate. Round to two decimal places. Predetermined overhead Estimated Actual Machine hours 28,960 hours allocation rate per machine hour 32,500 hours $ 21,500 $ 14,000 Requirement 2. Post actual and allocated manufacturing overhead to the Manufacturing Overhead T-account. (Enter the ending balance on the last line.) 45,000 49,000 25,000 Manufacturing Overhead Maintenance labor (repairs to equipment) Plant supervisor's salary Screws, nails, and glue Plant utilities Freight out Depreciation on plant and equipment Advertising expense 47,000 36,000 43,000 95,850 46,500 80,000 87,200 45,000 59,000 Print Done Requirement 3. Prepare the journal entry to adjust for underallocated or overallocated overhead. (Record debits first, then credits. Exclude explanations from any journal entries.) Date Accounts Debit Credit Dec. 31 Requirement 4. The predetermined overhead allocation rate usually turns out to be inaccurate. Why don't accountants just use the actual manufacturing overhead rate? The actual manufacturing overhead rate is Managers need to make decisions Accountants use predetermined overhead allocation rates to give managers product cost information when they need it