Question 3 Custom 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 2014 follow. $ $ 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 Estimated 26.500 hours 12,000 43,000 23,000 49,000 36,000 85,000 41,000 Actual 32,100 hours 26,500 46,000 42.000 91,850 46,500 84,000 56,000 Requirements 1. Compute the predetermined overhead allocation rate. 2. Post actual and allocated manufacturing overhead to the Manufacturing Overhead T-account 3. Prepare the joumal entry to adjust for underallocated or overallocated overhead. 4. The predetermined overhead allocation rate usually turns out to be inaccurate. Why don't accountants just use the actual manufacturing overhead rate