Patel 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 requirements. Requirement 1. Compute Paters predetermined overhead allocation rate. Data table At the beginning of 2024 , the company expected to incur the following: At the end of 2024 , the company had actually incurred: Requirements 1. Compute Patel'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