Data table At the beginning of 2024, the company expected to incur the following: Manufacturing overhead costs Direct labor costs Machine hours $900,000 1,540,000 75,000 hours At the end of 2024, the company had actually incurred: Direct labor costs Depreciation on manufacturing plant and equipment Property taxes on plant Sales salaries Delivery drivers' wages Plant janitor's wages Machine hours Requirements - X $1,220,000 540,000 37,500 25,500 20,500 24,000 62,000 hours 1. Compute Martin's predetermined overhead allocation rate. 2. Prepare the journal entry to allocate manufacturing overhead. 3. Post the manufacturing overhead transactions to the Manufacturing Overhead T-account. Is manufacturing overhead underallocated or overallocated? By how much? 4. Prepare the journal entry to adjust for the underallocated or overallocated manufacturing overhead. Does your entry increase or decrease Cost of Goods Sold?