Jackson Foundry in Columbus, Ohio, 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 vear? Rv 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 Choose from any drop-down list and then click Check Answer Data lable Manufacturing overhead costs Direct labor cost Machine hours. . $ - $ 620,000 1,650,000 77,500 At the end of the year, the company had actually incurred the following: 1,210,000 Direct labor cost Depreciation on manufacturing plant and equipment Property taxes on plant A A 480,000 18,500 25.000 A Sales salaries Data table UUTINIU TIVUTU. At the end of the year, the company had actually incurred the following: 1,210,000 Direct labor cost .... Depreciation on manufacturing plant and equipment Property taxes on plant. Sales salaries Delivery drivers' wages Plant janitors' wages Machine hours. 480,000 18,500 25,000 13,500 A $ 10.000 55.000 hours Print Done 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? 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