Jackson Foundry in Altanta, Georgia, uses a 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 th (click the icon to view the costs.) Requirements 1. Compute Jackson's predetermined manufacturing overhead rate. 2. How much manufacturing overhead was allocated to jobs during the year? 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? 4. Were the jobs overcosted or undercosted? By how much? Estimated yearly overhead costs Estimated yearly machine hours Predetermined overhead rate 550,000 68,750 $ 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 Actual machine hours x Predetermined overhead rate - Overhead allocated S 448,000 56,000 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 a box is not used in the table leave the box select a label or enter a zero.) Direct labor cost Depreciation on manufacturing plant and equipment Sales salaries Total manufacturing overhead Choose from any list or enter any number in the input fields and then click Check Answer Check Answ Clear All Data Table year? much? manu rs 68,750 At the end of the year, the company had actually incurred the following uring ate th 1,250,000 Depreciation on manufacturing plant and d ra 460,000 20,000 r? By how mu e yea 26,000 15,000 8,500 Machine hours 56,000 hours Print Done