Read the requirements. Data table Racuirament 1. Comnuta Smith's nradatarmined nuarhaad allncatinn rate Requirements 1. Compute Smith's predetermined overhead allocation rate. 2. Prepare the journal entry to allocate manufacturing overhead. 3. Post the manufacturing overhead transactions to the Manufacturing Overhead T-account. Is manufacturing overhead underallocated or overallocated? By how much? 4. Prepare the journal entry to adjust for the underallocated or overallocated manufacturing overhead. Does your entry increase or decrease Cost of Goods Sold? allocation rate, computed as a percentage of direct labor costs. At the beginning of 2024, managing partner Matthew Maynard prepared the following budget for the year