Data Table Metal Foundry uses a predetermined overhead allocation rate to allocate overhead to individual jobs, based on the machine hours required. (Click the icon to view the costs.) Read the requirements At the beginning of 2018, the company expected to incur the following Manufacturing overhead costs $ 850,000 Direct labor costs 1.510,000 Machine hours 85.000 hours Requirement 1. Compute Metal's predetermined overhead allocation rate. Predetermined overhead allocation rate At the end of 2018, the company had actually incurred: per machine hour Direct labor costs $ Requirement 2. Prepare the journal entry to allocate manufacturing overhead. (Record debits first, then credits. Exclude explanations from a 1,160,000 580,000 39,000 25,500 Date Accounts Depreciation on manufacturing plant and equipment Property taxes on plant Sales salaries Debit Credit Dec. 31 Delivery drivers' wages Plant janitor's wages Machine hours 21,000 18,000 69,000 hours Requirement 3. Post the manufacturing overhead transactions to the T-account and calculate the balance. (Enter the ending balance on the Print Done Choose from any list or enter any number in the input fields and then continue to the next question. Requirement 3. Post the manufacturing overhead transactions to the T-account and calculate the balance. (Enter the ending balance on the last line.) Manufacturing Overhead Is manufacturing overhead underallocated or overallocated? By how much? Manufacturing overhead is by $ Requirement 4. Prepare the journal entry to adjust for the underallocated or overallocated manufacturing overhead. Does your entry increase or decrease cost of goods sold? (Record debits first, then credits. Exclude explanations from any journal entries.) Is manufacturing overhead underallocated or overallocated? By how much? Manufacturing overhead is by $ Requirement 4. Prepare the journal entry to adjust for the underallocated or overallocated manufacturing overhead. Does your entry increase or decrease cost of goods sold? (Record debits first, then credits. Exclude explanations from any journal entries.) Date Accounts Debit Credit Dec. 31 Does your entry increase or decrease Cost of Goods Sold? This entry Cost of Goods Sold