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 Requirement 1. Compute the predetermined overhead allocation rate. Round to two decimal places Predetermined overhead allocation rate per machine hour G Requirements 1 1. Compute the predetermined overhead allocation rate. Round to two decimal places. 2. Post actual and allocated manufacturing overhead to the Manufacturing Overhead T-account. 3. Prepare the journal entry to adjust for underallocated or overallocated overhead 4. The predetermined overhead allocation rate usually turns out to be inaccurate Why don't accountants just use the actual manufacturing overhead rate? Data Table Estimated Actual 26,500 hours 32,500 hours Machine hours Maintenance labor (repairs to equipment) $ 12,000 $ 21,500 Plant supervisor's salary 43,000 49,000 Screws, nails, and glue 23,000 44,000 Plant utilities 49,000 94,850 44,500 Freight out 34,000 Depreciation on plant and equipment 85,000 84,000 Advertising expense 42,000 59,000 Print Done