Regal 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 2018 follow: Click the icon to view the cost data.) Data Table - X Read the requirements Requirement 1. Compute the predetermined overhead allocation rate. Round to two decimal places. Estimated Actual Predetermined overhead 28,960 hours 32,900 hours allocation rate $ 14,000 $ 25,500 46,000 per machine hour 45,000 25,000 48,000 Requirement 2. Post actual and allocated manufacturing overhead to the Manufacturing Overhead T-account. (Enter the ending 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 97,850 Manufacturing Overhead 47,000 35,000 47,500 82,000 87,200 41,000 57,000 Print Done Choose from any list or enter any number in the input fields and then continue to the next question. Requirement 2. Post actual and allocated manufacturing overhead to the Manufacturing Overhead T-account. (Enter the ending balance on the last line.) Manufacturing Overhead Requirement 3. Prepare the journal entry to adjust for underallocated or overallocated overhead. (Record debits first, then credits. Exclude explanations from any journal entries.) Date Accounts Debit Credit Dec. 31 Requirement 4. The predetermined overhead allocation rate usually turns out to be inaccurate. Why don't accountants just use the actual manufacturing overhead rate? Managers need to make decisions Accountants use predetermined overhead allocation rates to give managers The actual manufacturing overhead rate is product cost information when they need it, Choose from any list or enter any number in the input fields and then continue to the next