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 beginning of year estimated costs.) At the end of the year, the company had actually incurred the following: (Click the icon to view the actual end of year costs.) Read the requirements. Requirement 1. Compute Young's predetermined manufacturing overhead rate. Determine the formula to calculate the predetermined overhead rate, then calculate the rate. 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. 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? 4. Were the jobs overcosted or undercosted? By how much? Beginning of year estimated costs Actual end of year costs