Question 5 (10 Marks) Acme Company uses a predetermined estimated overhead rate to apply manufacturing overhead costs to different jobs. The predetermined overhead rate is based on machine hours. At the beginning of the year the company estimated a total of 150,000 machine hours will be required. Actual machine hours for the year were 160,000 hours. The company also estimates a total of manufacturing overhead cost for the year to be $1,200,000 and actual overhead costs for the year were 1,300,000. a) Compute the predetermined overhead rate for Acme. (2 marks) b) How much overhead was applied during the year? Was the overhead over or under applied? (4 marks) c) Using the information above record the entry to close the Manufacturing Overhead account. (4 Marks)