PLEASE DO ALL REQUIRMENTS IN PICTURE

Classic Woods manufactures jewelry boxes. The primary materials (wood, brass, and glass) and direct labor are assigned directly to the products. Manufacturing overhead costs are allocated based on machine hours. Data for the year follow: (Click the icon to view the cost data.) Read the requirements. Requirement 1. Compute the predetermined overhead allocation rate. Round to two decimal places. Predetermined overhead allocation rate per machine hour Requirement 2. Post actual and allocated manufacturing overhead to the Manufacturing Overhead T-account. (Enter the ending balance o Manufacturing Overhead cz cza Data table Machine hours Maintenance labor (repairs to equipment) Plant supervisor's salary Screws, nails, and glue Plant utilities Freight out Depreciation on plant and equipment Advertising expense Print Estimated Actual 26,500 hours 32,500 hours 12,000 $ 43,000 23,000 49,000 35,000 85,000 45,000 26,500 48,000 44,000 96,850 47,500 80,000 56,000 Done Requirement 3. Prepare the journal entry to adjust for underallocated or overallocated overhead. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Dec. 31 Accounts and Explanation Debit Credit Requirement 4. The predetermined overhead allocation rate usually turns out to be inaccurate. Why don't accountants just use the actual manufacturing overhead rate? The actual manufacturing overhead rate is information when they need it V . Managers need to make decisions V . Accountants use predetermined overhead allocation rates to give managers product cost