Data table At the beginning of 2016, the company expected to incur the following: At the end of 2016the company had actually incurred: 1. Compute Flores' predetermined overhead allocation rate. 2. Prepare the joumal entry to allocate manufacturing overhead. 3. Post the manufocturing overhead transactions to the Manutocturing Overhoad Taccount. Is manutacturing overhead underallocated or overallocated? By how much? 4. Propare the joumal entry to adjust for the underallocated or overallocated manufacturing overhead. Does your entry increase or decrease cost of goods sold? Flores Foundry uses a predetermined overhead alocation tate to allocate overhead to individual jobs, based on the machine hours required: Ifl (Click the icon to view the costs.) Requirements 1. Compute Flores'predetermined overhead allocation rate. 2. Prepare the joumal entry to allocale manulacturing overhead. 3. Post the manufacturing overhead transactions to the Manulacturing Overhead T-account. is manufacturing overhead underallocated or overalocated? By how much? 4. Prepare the joumal entry to adjust for the underalocated or overallocated manufacturing overhead. Does your entry increase or decrease cost of goods sold? Requirement 2. Prepare the joumal entry to allocate manufacturing overhead. (Record debits fint, then credits. Exclude explanations from any joumal entries.) Requirement 3. Post the manufacturing overhead transactions to the T-account and calculate the balance. (Enter amounts in the order they appear in the cost data using the firat the Traccount, Enter the ending balance on the last line.)