White 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 2018 follow: (Click the icon to view the cost data.) Read the requirements. Requirement 1. Compute the predetermined overhead allocation rate. Round to two decimal places. Predetermined overhead allocation rate per machine hour Requirement 2. Post actual and allocated manufacturing overhead to the Manufacturing Overhead T-account. (Enter the ending balance on the last line.) Manufacturing Overhead Requirement 3. Prepare the journal entry to adjust for underallocated or overallocated overhead. (Record debits first, then credits. Exclude explanations from any joumal entries.) Date Dec. 31 Accounts Debit Credit Requirement 4. The predetermined overhead allocation rate usually turns out to be inaccurate. Why don't accountants just use the actual manufacturing overhead rate? The actual manufacturing overhead rate is Managers need to make decisions predetermined overhead allocation rates to give managers product cost information when they need it Accountants use Data table Estimated Actual Machine hours 24.500 hours 32.800 hours Maintenance labor (repairs to equipment) $ Plant supervisor's salary 19,000 $ 41,000 21.500 46,000 Screws, nails, and glue 21,000 41,000 Plant utilities 42.000 90,850 Freight out 38.000 45,500 Depreciation on plant and equipment 83,800 82,000 Advertising expense 42.000 54,000 - x