Danvers Industries uses a predetermined manufacturing overhead rate to allocate overhead to individual jobs based on the direct labor cost required. At the beginning of the year, the company expected to incur the following: Manufacturing overhead costs $1,500,000 Direct labour cost 750,000 Machine hours 50.000 At the end of the year, the company had actually incurred the following: Direct labour cost $812,500 Depreciation on manufacturing plant and equipment 850,000 Property taxes on plant 312,500 Sales salaries 15,000 Delivery drivers wages 10,000 Plant janitors wages 125.000 Machine hours 35,625 hours Required: 1. Compute Marvell's predetermined overhead rate. 2. How much manufacturing overhead was allocated to jobs during the year? 3. How much manufacturing overhead was incurred during the year? 4. Is manufacturing overhead over allocated or under allocated at the end of the year and by how much? 5. What will Danvers do with the over or under applied manufacturing overhead