Smith Foundry uses a predetermined manufacturing overhead rate to allocate overhead to individual jobs based on the machine hours required. At the beginning of the year, the company expected to incur the following: (Click the icon to view the beginning of the year information.) At the end of the year, the company had actually incurred the following: (Click the icon to view the ending of the year information.) Requirements Compute Smith's predetermined manufacturing overhead rate. How much manufacturing overhead was allocated to jobs during the year? Beginning of the year information - - X End of the year information AWN: How much manufacturing overhead was incurred during the year? Is manufacturing overhead underallocated or overallocated at the end of the year? By how much? Were the jobs overcosted or undercosted? By how much? Manufacturing overhead cost . $ 742,500 Direct labour cost - . . . . . . . . . ... $ 1,260,000 Direct labour cost 1,300,000 Depreciation on manufacturing plant and equipment 579,500 Requirement 1. Compute Smith's predetermined manufacturing overhead rate. Machine hours . ... .. 82,500 hours Property taxes on plant 20,000 Determine the formula to calculate the predetermined overhead rate, and then calculate the rate. (Round your answer to the nearest whole dollar.) Sales salaries. 27,500 Estimated yearly overhead costs Estimated yearly machine hours Predetermined overhead rate Delivery drivers' wages . 15,500 742500 82500 9 per machine hour Print Done Plant janitors' wages . 10,500 Requirement 2. How much manufacturing overhead was allocated to jobs during the year? Machine hours . . . . . 66,500 hours Select the labels for the formula to calculate the overhead to be allocated, and then calculate the manufacturing overhead allocated. Actual machine hours Predetermined overhead rate = Manufacturing overhead allocated 66500 598500 Print Done Requirement 3. How much manufacturing overhead was incurred during the year? Is manufacturing overhead underallocated or overallocated at the end of the year? By how much? Complete the following table to determine the total manufacturing overhead costs. (Leave any unused cells blank.) Depreciation on manufacturing plant and equipment 579500 Property taxes on plant 20000 Plant janitors' wages 10500 Total manufacturing overhead 610000 s manufacturing overhead underallocated or overallocated at the end of the year? By how much? Manufacturing overhead was underallocated by $ 11500] Requirement 4. Were the jobs overcosted or undercosted? By how much? Jobs were undercosted by $ 129500