Munoz Corporation uses ABC to determine product costs for external financial reports. At the beginning of the year, management made the following cost and activity estimates in the company's five activity cost pools: Required: 1. Compute the activity rate (i.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 activity were recorded as follows: a. Prepare a journal entry to record the incurrence of actual manufacturing 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 debits before credits. 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 T-account. (If 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.) 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 T-account. (If 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. Note: Enter debits before credits. d. Determine the amount of underapplied or overapplied 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 final answers to nearest dollar amount.) b. Does the total amount of overhead cost applied to the products above relate to the T-accounts in any way? Yes No