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 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 overcasted or undercosted? By how much? 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.) Predetermined overhead rate per machine hour Requirement 2. How much manufacturing overhead was allocated to jobs during the year? Determine the formula to calculate the overhead to be allocated, and then calculate the manufacturing overhead allocated Manufacturing overhead allocated x X 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.) Total manufacturing overhead 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 $. Choose from any list or enter any number in the innut fald urred the following: ir information.) goverhead rate. Data Table x Manufacturing overhead cost 630,000 Direct labour cost 1,400,000 Machine hours 90,000 hours Print Done Tovera bys. or undercosted? By how much? 1 Data Table Direct labour cost. 1,240,000 460,000 Depreciation on manufacturing plant and equipment Property taxes on plant Sales salaries. 18,500 . 26,500 14,500 Delivery drivers' wages Plant janitors' wages. 11,500 Machine hours 55,500 hours Hoc Print Done JerConcor oroty nowo