Patel Foundry in Columbus, Ohio, uses a predetermined manufacturing overhead rate to allocate overhead to individual jobs based on the machine hours required. At the beginning of the year, the company expected to incur the following: (Click the icon to view the costs.) Read the requirements Requirement 1. Compute Patel's predetermined manufacturing overhead rate Determine the formula to calculate the predetermined overhead rate, then calculate the rate. Estimated yearly overhead costs $ 620,000 77,500 = $ 8 per machine hour Estimated yearly machine hours Predetermined overhead rate Requirement 2. How much manufacturing overhead was allocated to jobs during the year? Determine the formula to calculate the overhead to be allocated, then calculate the manufacturing overhead allocated Manufacturing Actual machine hours 55,000 Predetermined overhead rate overhead allocated 8 $ 440,000 Requirement 3. How much manufacturing overhead was incurred during the year? Is manufacturing overhead underallocated or overallocated at the end of the year? By how much? (If an input field is not used in the table, leave the input field empty, do not select a label or enter a zero.) Depreciation on manufacturing plant and equipment Property taxes on plant Plant janitors' wages $ 460,000 21,000 8,500 Help me solve this Video Get more help Pr Clear all Check answer