Martin Foundry uses a predetermined overhead allocation rate to allocate overhead to individual jobs, based on the machine hours required. E (Click the icon to view the costs.) Read the requirements. Requirement 1. Compute Martin's predetermined overhead allocation rate. Predetermined overhead 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 entrids.) Debit Credit Date Accounts Dec. 31 Requirement 3. Post the manufacturing overhead transactions to the T-account and calculate the balance. (Enter the ending balance on the last line. Manufacturing Overhead 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.) Choose from any list or enter any number in the input fields and then continue to the next question. Data Table n the machine ho Martin Foundry use E (Click the icon At the beginning of 2018, the company expected to incur the following: Read the requirem 850,000 Manufacturing overhead costs Dec. 31 1,450,000 Direct labor costs 85,000 hours Machine hours At the end of 2018, the company had actually incurred: 1.170,000 Direct labor costs hter the ending b Requirement 3. P 590,000 Depreciation on manufacturing plant and equipment 39,500 Property taxes on plant 25,500 Sales salaries 20,000 Delivery drivers' wages Plant janitor's wages 15,000 Machine hours 65,000 hours Is manufacturing o Done Print Manufacturing ovel Requirement 4. Prepare the journal entry to adjust for the underallocated or overallocated manufacturing overhead. Does you cost of goods sold? (Record debits first, then credits. Exclude explanations from any journal entries.) Credit Date Accounts Debit Dec. 31 Does your entry increase or decrease Cost of Goods Sold? This entry Cost of Goods Sold. Choose from any list or enter any number in the input fields and then continue to the next