Metal 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.) Read the recurements Requirement 1. Compute Metal's predetermined overhead allocation rate, Predetermined overhead allocation mate per machine hour Requirement 2. Prepare the joumal entry to allocate manufacturing overhead (Record debits first, then credits. Exclude explanations from any journal entries) Date Accounts Debit Credit 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 Choose from any list or enter any number in the input fields and then continue to the next question MacBook Pro Is manufacturing overhead underalocated or overallocated by how much? Manufacturing overtredis Hequirement 4. Prepare the journal entry to adjust for the understocated or overallocated manufacturing overtica. Dove your entry increase or care cost of goods so? Pecord for the contestowy Date Account Deb Credit Dec. 31 Does your entry increase Cost of Good Sold Cost of Good This entry Choon from any story in the roul folds and then continue to the next to i Data Table At the beginning of 2018, the company expected to incur the following: Manufacturing overhead costs Direct labor costs $900,000 1,490,000 75,000 hours Machine hours At the end of 2018, the company had actually incurred: Direct labor costs $1,170,000 610,000 Depreciation on manufacturing plant and equipment Property taxes on plant 37,000 Sales salaries 25,500 24,500 Delivery drivers' wages Plant janitor's wages 19,000 Machine hours 67,000 hours Print Done Requirements how much? ]. 1. Compute Metal'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? 4. Prepare the journal entry to adjust for the underallocated or overallocated manufacturing overhead. Does your entry increase or decrease Cost of Goods Sold? rallocated o bold? Print Done