Superior Woods manufactures jewelry boxes. The primary materials (wood, brass, and glass) and direct labor are assigned directly to the products, Manufacturing overhead costs are allocated based on machine hours. Data for 2016 follow: (Click the icon to view the cost data.) Requirements 1. Compute the predetermined overhead allocation rate. 2. Post actual and allocated manufacturing overhead to the Manufacturing Overhead T-account. 3. Prepare the journal entry to adjust for underallocated or overallocated overhead. 4. The predetermined overhead allocation rate usually turns out to be inaccurate. Why don't accountants just use the actual manufacturing overhead rate? Requirement 1. Compute the predetermined overhead allocation rate. (Enter the rate to the nearest cent.) Predetermined overhead Estimated overhead cost Estimated machine hours allocation rate 224,000 25,000 $ 8.96 per machine hour Requirement 2. Post actual and allocated manufacturing overhead to the Manufacturing Overhead T-account. (Use the first available cell to post each amount. Enter amounts in the order they appear in the cost data. Enter the ending balance on the last line.) Manufacturing Overhead $ 1 Data Table Estimated Actual 25,000 hours $ 16,000 32,100 hours $ 23,500 50,000 49,000 47,000 Machine hours Maintenance labor (repairs to equipment) Plant supervisor's salary Screws, nails, and glue Plant utilities Freight out Depreciation on plant and equipment Advertising expense 27,000 45,000 96,850 38,000 46,500 80,000 89,000 41,000 57,000 Print Done