Flores Foundry uses a predetermined overhead allocation rate to allocate overhead to individual jobs, based on the machine hours required. LOADING... (Click the icon to view the costs.) Requirements 1. Compute Flores' 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? Requirement 1. Compute Flores' predetermined overhead allocation rate. Predetermined overhead / = allocation rate / = per machine hour Requirement 2. Prepare the journal entry to allocate manufacturing overhead. (Record debits first, then credits. Exclude explanations from any journal entries.) Date Accounts Debit Credit Dec. 31 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 first available line in the T-account. Enter the ending balance on the last line.) Manufacturing Overhead Is manufacturing overhead underallocated or overallocated? By how much? Manufacturing overhead is overallocated underallocated by $nothing . 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 decreases increases cost of goods sold.