Munoz Corporation uses ABC to derermine product costs for external financial reports. At the beginning of the yea: management made the following cost and octivity estimates in the company's five activisy cost pools: Required: 1. Compute the activity rate (0.e, predetermined overhead rate) for each of the activity cost pools: (Round your answers to 2 decimal places.) 2. During the year, actual overhead cost and activily were recorded as follows: 2. During the year, actual overhead cost and activity were recorded as follows: a. Prepare a journal entry to record the incurrence of actual manufocturing overhead cost for the year (credit accounts payable). Post the entry to the company's manufacturing overhead T-account. (If no entry is required for a particular transaction, select "No journal entry required" in the first account field.) Journal entry worksheet Record actual manufacturing overhead incurred for production. Note: Enter deblis beforo credits. Journal entry worksheet Record actual manufacturing overhead incurred for production. Note: Enter debits tefore oredrs. b. Determine the amount of overhead cost applied to production during the year, (Round intermediate calculations to 2 decimal places and final answer to nearest dollar amount.) c. Prepare a journal entry to record the application of manufacturing overhead cost to work in process for the year. Post the entry to the company's manufacturing overhead Traccount, (f no entry is required for a particular transaction, select "No journal entry required in the first account field. Round intermediate calculations to 2 decimal places and final answers to nearest dollar amount.) Journal entry worksheet Record applied manufacturing overhead based on predetermined overhead rate. Record applied manufacturing overheed based on predetermined overhead fete, Note: Enter debits before credits. d. Determine the amount of underapplied or overopplied manufacturing overhead for the year. (Round intermediate calculations to 2 decimal places and final answer to nearest dollar amount-) 3. The actual activity for the year was distributed among the company's four products as follows: a. Determine the total amount of overhead cost applied to each product. (Round intermediate calculations to 2 decimal places and finat answers to nearest dollor amount.) 3. The actual activity for the year was distributed among the company's four products as follows: a. Determine the totaf amount of overhead cost applied to eoch product. (Round intermediate calculations to 2 decimat places and finat answers to nealrest dellar amount.) b. Does the total amount of overhead cost applied to the products above relate to the Thaccounts in any way? Yes No