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: E (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 overcosted 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