Patel Foundry in Rochester, New York, 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. + = Predetermined overhead rate Requirements 1. Compute Patel's predetermined manufacturing overhead rate. 2. How much manufacturing overhead was allocated to jobs during the year? 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? 4. Were the jobs overcosted or undercosted? By how much? Print Done Data table Manufacturing overhead costs $ 650,000 Direct labor cost .. $ 1,400,000 Machine hours..... 81,250 At the end of the year, the company had actually incurred the following: Direct labor cost $ 1,210,000 495,000 $ 21,000 $ 23,000 Depreciation on manufacturing plant and equipment Property taxes on plant Sales salaries.... Delivery drivers' wages. Plant janitors' wages. Machine hours. 14,500 $ 11,000 55,500 hours Print Done