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.) Read the requirements. Requirement 1. Compute the predetermined overhead allocation rate. Round to two decimal places. Predetermined overhead allocation rate . per machine hour Requirement 2. Post actual and allocated manufacturing overhead to the Manufacturing Overhead T-account. (Enter the ending balance on the last line.) Manufacturing Overhead 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.) Read the requirements. 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? The actual manufacturing overhead rate is Managers need to make decisions Accountants use predetermined overhead allocation rates to give managers product cost information when they need it