a Mobster Co uses a predetermined overhead allocation rate to allocate overhead to individual jobs, based on the machine hours required. At the beginning of year 2021, the company expected to incur the following: Manufacturing overheads cost $840,000 Direct labour cost $1,450,000 Machine hours 70,000 hours At the end of year 2021, the company had actually incurred: Direct labour cost $1,160,000 Depreciation on manufacturing plant $600,000 Property taxes on plant $50,000 Sales salaries $27,500 Delivery drivers' wages $24,000 Plant janitor's wages $30,000 Machine hours 66,000 hours Required: (i) Compute Mobster Co's predetermined overhead application rate. (3 marks) (ii) Prepare the journal entry to apply manufacturing overhead for year 2021. (3 marks) (iii)Prepare the Manufacturing Overhead T-account, for year 2021. Is manufacturing overhead underapplied or overapplied? By how much? (2 marks) (iv) Prepare the journal entry to adjust for the underapplied or overapplied manufacturing overhead. Does the entry increase or decrease the amount of cost of goods sold? (2 marks)