jobs, based on the machine hours required Young Foundry uses a predetermined overhead allocation rate to allocate overhead to individual BEE (Click the icon to view the costs.) t. Compute Young's predetermined overhead allocation rate 2. Prepare the journal entry to allocate manufacturing overhead 3. Post the manufacturing overhead transactions to the Manufacturing Overhead T-account. Is manufacturing overhead underallocated or overallocated? By how much? Prepare the journal entry to adjust for the underallocated or overallocated manufacturing overhead. Does your entry increase or decrease cost of goods sold? Requirement 1. Compute Young's predetermined overhead allocation rate Predetermined overhead allocation rate per machine hour