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 ... - X Requirement 1. Compute the predetermined overhead allocation rate. Round to two decimal places. Data table Predetermined overhead allocation rate per machine hour Machine hours Estimated Actual 25.000 hours 32.500 hours $ 16,000 $ 21,500 Requirement 2. Post actual and allocated manufacturing overhead to the Manufacturing Overhead T-account. (Enter the ending balance on the last line.) Manufacturing Overhead Maintenance labor (repairs to equipment) Plant supervisor's salary 48.000 47.000 27.000 Screws, nails, and glue 40.000 Plant utilities 97.850 45,000 35,000 48,500 Freight out Depreciation on plant and equipment Advertising expense 89,000 87.000 41,000 54,000 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