Jackson Foundry in Boston, Massachusetts, 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 the following: 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 undercoasted? By how much? Requirement 1. Compute Jackson's predetermined manufacturing overhead rate Determine the formula to calculate the predetermined overhead rate, then calculate the rate - Predetermined overhead rate per machine hour Requirement 2. How much manufacturing overhead was allocated to jobs during the year? Data Table Manufacturing overhead costs .......$ Direct labor cost $ Machine hours ....... 580,000 1,650,000 72,500 At the end of the year, the company had actually incurred the following: ... $ 1,180,000 460,000 Direct labor cost Depreciation on manufacturing plant and equipment Property taxes on plant Sales salaries Delivery drivers' wahes Plant janitors' wages 18,000 24,500 13,000 12,000