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 End of the year information 1. Compute Smith's predetermined manufacturing overhead rate. 2. How much manufacturing overhead was allocated to jobs during the year? 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? 4. Were the jobs overcosted or undercosted? By how much? Direct labour cost Depreciation on manufacturing plant and equipment Property taxes on plant Sales salaries. Delivery drivers' wages Requirement 1. Compute Smith's predetermined manufacturing overhead rate. Determine the formula to calculate the predetermined overhead rate, and then calculate the rate. (Round your answer to the nearest whole dollar.) Plant janitors' wages Machine hours Predetermined overhead rate $ 1,260,000 502,000 22,000 25,000 17,000 12,500 65,500 hours per machine hour Print Done Requirement 2. How much manufacturing overhead was allocated to jobs during the year? Select the labels for the formula to calculate the overhead to be allocated, and then calculate the manufacturing overhead allocated. Manufacturing overhead allocated 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.) Beginning of the year information Manufacturing overhead cost $ 628.000 Direct labour cost 1,400,000 Machine hours ............. 78.500 hours Total manufacturing overhead Print Done Is manufacturing overhead underallocated or overallocated at the end of the year? By how much? Manufacturing overhead was by $. Requirement 4. Were the jobs overcosted or undercosted? By how much? Jobs were by so