Young Foundry in Philadelphia, Pennsylvania, 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.) Requirements 1. Compute Young'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? Were the jobs overcosted or undercosted? By how much? 4. Determine the formula to calculate the predetermined overhead rate, then calculate the rate. Estimated yearly overhead costsI Estimated yearly machine hoursPredetermined overhead rate 620,000 77,500 $ 8 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, then calculate the manufacturing overhead allocated. Manufacturing X overhead allocated Young Foundry in Philadelphia, Pennsylvania, 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.) Requirements 1. Compute Young'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? Were the jobs overcosted or undercosted? By how much? 4. Determine the formula to calculate the predetermined overhead rate, then calculate the rate. Estimated yearly overhead costsI Estimated yearly machine hoursPredetermined overhead rate 620,000 77,500 $ 8 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, then calculate the manufacturing overhead allocated. Manufacturing X overhead allocated