following Patel Foundry in Charleston, South Carolina, uses a predetermined manufacturing overhead rate to allocate overhead to individual jobs based on the machine hours required. At the beginning of the year, t (Click the icon to view the beginning of year estimated costs.) At the end of the year, the company had actually incurred the following (Click the icon to view the actual end of year costs.) Read the requirements Requirement 1. Compute Patel's predetermined manufacturing overhead rate Determine the formula to calculate the predetermined overhead rate, then calculate the rate. Estimated yearly overhead costs i Get more help- Estimated yearly machine hours - X Predetermined overhead rate Beginning of year estimated costs per machine hou Manufacturing overhead costs. $ Direct labor cost 620.000 $1,400,000 Machine hours.. 77,500 Actual end of year costs Direct labor cost $ 1,170,000 Depreciation on manufacturing plant and equipment. $ 470,000 Property taxes on plant.. S 22,000 Sales salanes $ 24,000 Delivery drivers wages. $ 16,000 Plant janitors wages. Machine hours. $ 9,500 56.500 hour Print Done bar all