Score: 0.35 of 1 pt 3 of 4 (3 complete) E17-20 (similar to) Martin Foundry uses a predetermined overhead allocation rate to allocate overhead to individual jobs, based on the machine hours required. (Click the icon to view the costs.) Read the requirements, Requirement 1. Compute Martin's predetermined overhead allocation rate. Predetermined overhead Estimated machine hours Estimated overhead cost allocation rate Data Table 850,000 85,000 S 10 per machine hour Requirement 2. Prepare the journal entry to allocate manufacturing overhead. (Record debits first, then credits. Exclude explanations from any journal entries.) At the beginning of 2018, the company expected to incur the following: Date Accounts Debit Credit Manufacturing overhead costs S 850,000 Work-in-Process Inventory 610,000 Dec. 31 Direct labor costs 1,490,000 610,000 Manufacturing Overhead 85,000 hours Machine hours At the end of 2018, the company had actually incurred: Direct labor costs 1,210,000 Requirement 3. Post the manufacturing overhead transactions to the T-account and calculate the balance. (Enter the ending balance on the last line.) 530,000 Depreciation on manufacturing plant and equipment Manufacturing Overhead 35,000 Property taxes on plant Depreciation 530,000 35,000 25,500 Sales salaries Property taxes on plant Delivery drivers' wages 25,000 Plant janitor's wages 21,000 Plant janitor's wages 21,000 61,000 hours Machine hours 586,000 Bal Print Done