Flores Foundry uses a predetermined overhead allocation rate to allocate overhead to individuals jobs, based on the machine hours required.

i Data Table X At the beginning of 2018, the company expected to incur the following: Manufacturing overhead costs $880,000 Direct labor costs 1,500,000 Machine hours 80,000 hours At the end of 2018, the company had actually incurred: Direct labor costs $1,180,000 Depreciation on manufacturing plant and equipment 590,000 Property taxes on plant 36,500 Sales salaries 28,500 Delivery drivers' wages 20,000 Plant janitor's wages Machine hours 69,000 hours sold? 23,000 Print Done ontinue to the next question Flores 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. 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 the ending balance on the last line.) Manufacturing Overhead Choose from any list or enter any number in the input fields and then continue to the next question. 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 Choose from any list or enter any number in the input fields and then continue to the next