Data Table Estimated manufacturing overhead cost for the year Estimated direct labor cost for the year Actual manufacturing overhead cost for the year Actual direct labor cost for the year $ 135,000 90,000 115,000 72,000 Print Done Selected cost data for Premium Poster, Co. are as follows: B (Click the icon to view the cost data.) Read the requirements. Requirement 1. Compute the predetermined overhead allocation rate per direct labor dollar. Predetermined overhead Estimated overhead cost Estimated direct labor cost allocation rate II 11 % Requirement 2. Prepare the journal entry to allocate overhead cost for the year. (Record debits first, then credits. Exclude explanations from journal entries.) Date Accounts Debit Credit Dec. 31 Date Accounts Debit Credit Dec. 31 Accounts Payable Accounts Receivable Cash Requirement 3. Cost of Goods Sold Start by posting Finished Goods Inventory Manufacturing Overhead Raw Materials Inventory Work-in-Process Inventory verallocated manufacturing ov nt. (Use the first available cell to Requirement 3. Use a T-account to determine the amount of underallocated or overallocated manufacturing overhead. Start by posting the actual and allocated manufacturing overhead to the T-account. (Use the first available cell to post each amount. Do not input the balance in the T-account.) Manufacturing Overhead Manufacturing overhead is by s Requirement 4. Prepare the journal entries.) t for the underallocated or overallocated manufacturing overhead. (Record debits first, then credits. Exclude explanations from overallocated underallocated Date www.its Debit Credit Requirement 4. Prepare the journal entry to adjust for the underallocated or overallocated manufacturing overhead. (Record debits first, then credits. Exclude explanations from journal entries.) Date Accounts Debit Credit Dec. 31 Date Accounts Debit Credit Dec. 31 Accounts Payable Accounts Receivable Cash Cost of Goods Sold Finished Goods Inventory Manufacturing Overhead Raw Materials Inventory Work-in-Process Inventory