Young Foundry uses a predetermined overhead allocation rate to allocate overhead to individual jobs, based on the machine hours required. E (Click the icon to view the costs.) Read the requirements. Requirement 1. Compute Young's predetermined overhead allocation rate. Predetermined overhead Estimated overhead cost Estimated machine hours allocation rate 840,000 70,000 $ 12 per machine hour the last line of the journal Requirement 2. Prepare the journal entry to allocate manufacturing overhead. (Record debits first, then credits. Select the explanation entry table.) Date Accounts and Explanation Debit Credit Dec. 31 Work-in-Process Inventory Manufacturing Overhead Allocated overhead to WIP. Data Table At the beginning of 2024, the company expected to incur the following Manufacturing overhead costs $840,000 Direct labor costs 1,480,000 Machine hours 70,000 hours At the end of 2024, the company had actually incurred: Direct labor costs $1,230,000 Depreciation on manufacturing plant and equipment 620,000 Property taxes on plant 35,500 Sales salaries 26,000 Delivery drivers' wages 22,500 Plant janitor's wages 17,000 Machine hours 60,000 hours Print Done