Selected cost data for Premium Print, Co. are as follows: (Click the icon to view the cost data.) Read the requirements, Requirement 1. Compute the predetermined overhead allocation rate per direct labor dollar. Predetermined overhead allocation rate Requirement 2. Prepare the joumal entry to allocate overhead costs for the year. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation Debit Credit Dec. 31 Data table - X Estimated manufacturing overhead cost for the year Estimated direct labor cost for the year Actual manufacturing overhead cost for the year Actual direct labor cost for the year $ 110,000 88,000 120,000 75,000 Print Done