Analyze manufacturing overhead (Learning Objectives 3 & 5) Benson Foundry in Charleston, South Carolina, 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: Manufacturing overhead costs $ 610,000 Direct labor cost $1,500,000 Machine hours 76,250 At the end of the year, the company had actually incurred the following: Direct labor cost $1,220,000 Depreciation on manufacturing plant and equipment $ 470,000 Property taxes on plant $ 19,000 Sales salaries $ 25,500 Delivery drivers' wages $ 14,500 Plant janitors' wages $ 8,000 Machine hours 55,500 hours Requirements 1. Compute Benson Foundry'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