Premium Company produces uniforms. The company allocates manufacturing overhead based on the machine hours each job uses. Premium Company reports the following cost data for the past year: (Click the icon to view the cost data.) Read the requirements. Requirement 1. Compute the predetermined manufacturing overhead rate. Enter the formula for predetermined manufacturing overhead rate, then compute the rate. = Predetermined overhead rate Requirements 1. Compute the predetermined manufacturing overhead rate. 2. Calculate the allocated manufacturing overhead for the past year. 3. Compute the underallocated or overallocated manufacturing overhead. How will this underallocated or overallocated manufacturing overhead be disposed of? 4. How can managers use accounting information to help control manufacturing overhead costs? Print Done Data table Direct labor hours Machine hours Depreciation on salespeople's autos Indirect materials Depreciation on trucks used to deliver uniforms to customers Depreciation on plant and equipment Indirect manufacturing labor Customer service hotline Plant utilities Direct labor cost Print Done Budget Actual 7,200 hours 6,600 hours 7,200 hours 6,900 hours $ 23,000 $ 23,000 49,000 $ 50,000 14,500 $ 13,000 66,000 $ 67,500 40,000 $ 41,000 22,000 $ 23,500 $ 32,200 $ 34,700 $ 71,500 $ 85,000