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Martinez Foundry in Austin, Texas, 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 costs.) Read the requirements. . BRO Requirement 1. Compute Martinez's predetermined manufacturing overhead rate. Determine the formula to calculate the predetermined overhead rate, then calculate the rate. Data Table = Predetermined overhead rate $ 580,000 - X Manufacturing overhead costs Direct labor cost Requirements $ 1,300,000 72,500 Machine hours At the end of the year, the company had actually incurred the following: $ 1,210,000 S 1. Compute Martinez'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? S Direct labor cost Depreciation on manufacturing plant and equipment ... Property taxes on plant Sales salaries Dellvery drivers' wages Plant janitors' wages Machine hours 480,000 21,500 23,000 S S 16,500 S 12,000 Print 56,000 hours Done Print Done