Homework: HW #2 - Chapter 3 Score: 0.48 of 1 pt E3-25A (similar to) 8 of 10 (9 complete) Martinez Foundry in Charleston, South Carolina, uses predetermined manufacturing overhead rate to allocate overhead to individual jobs based on the machine hours required. At the beginning of the year, the company expected to incur the following: (Click the icon to view the costs.) Read the requirements. Requirement 1. Compute Martinez's predetermined manufacturing overhead rate. Determine the formula to calculate the predetermined overhead rate, then calculate the rate. Estimated yearly overhead costs $ 640,000 Estimated yearly machine hours 80,000 Predetermined overhead rate = $ 8 per machine hour Requirement 2. How much manufacturing overhead was allocated to jobs during the year? Determine the formula to calculate the overhead to be allocated, then calculate the manufacturing overhead allocated. Manufacturing Predetermined overhead rate 8 Actual machine hours 54500 overhead allocated 436,000 Requirement 3. How much manufacturing overhead was incurred during the year? Is manufacturing overhead underallocated or overallocated at the end of the year? By how much? (If an input field is not used in the table, leave the input field empty; do not select a label or enter a zero.) Depreciation on manufacturing plant and equipment Property taxes on plant Plant janitors' wages Total manufacturing overhead Choose from any list or enter any number in the input fields and then click Check Answer. parts remaining Clear All Data Table Manufacturing overhead costs.......$ Direct labor cost Machine hours. 640,000 $ 1,650,000 80,000 - X At the end of the year, the company had actually incurred the following: Direct labor cost... 1,240,000 Depreciation on manufacturing plant and equipment. Property taxes on plant. $ 465,000 $ 19,000 Sales salaries. S 26,500 Delivery drivers' wages. Plant janitors' wages... Machine hours. 16,500 9,500 54,500 hours Print Done Save HW Score: 84.76%, 8.48 of 10 pts Question Help Check Answer