Jackson Foundry uses a predetermined overhead allocation rate to allocate overhead to individual jobs, based on the machine hours required. (Click the icon to view the costs.) Data Table Read the requirements Requirement 1. Compute Jackson's predetermined overhead allocation rate. Predetermined overhead At the beginning of 2018, the company expected to incur the following: Manufacturing overhead costs $ 850,000 Direct labor costs 1.520,000 Machine hours 85,000 hours allocation rate per machine hour Requirement 2. Prepare the journal entry to allocate manufacturing overhead. (Record debits first, then credits. Exclude explanations from any journal entries.) At the end of 2018, the company had actually incurred: Date Accounts Debit Credit $ 1,180,000 Dec. 31 540,000 Direct labor costs Depreciation on manufacturing plant and equipment Property taxes on plant Sales salaries Delivery drivers' wages Plant janitor's wages Machine hours 35,000 28,000 25,000 Requirement 3. Post the manufacturing overhead transactions to the T-account and calculate the balance. (Enter the ending balance on the last line.) 19,000 64,000 hours Manufacturing Overhead Print Done Is manufacturing overhead underallocated or overallocated? By how much? Manufacturing overhead is by s Requirement 4. Prepare the journal entry to adjust for the underallocated or overallocated manufacturing overhead. Does your entry increase or decrease cost of goods sold? (Record debits first, then credits. Exclude explanations from any journal entries.) Date Accounts Debit Credit Dec. 31 Does your entry increase or decrease Cost of Goods Sold? This entry Cost of Goods Sold