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Patel Foundry in Denver, Colorado, 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 EEB Click the icon to view the costs.) 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? Data Table the rate Predetermined overhead rate Manufacturing overhead costs Direct labor cost Machine hours. 640,000 1,500,000 80,000 At the end of the year, the company had actually incurred the following Direct labor cost Depreciation on manufacturing plant and $ 1,230,000 500,000 19,500 23,000 13,500 9,000 equipment Property taxes on plant Sales salaries Delivery drivers Plant janitors' wages Machine hours ' wages 57,000 hours Print Done