Data table Patel Foundry uses a predetermined overhead allocation rate to allocate overhead to individual jobs, based on the machine hours required. (Click the icon to view the costs.) Read the requirements. Requirement 1. Compute Patel's predetermined overhead allocation rate. At the beginning of 2024, the company expected to incur the following: Manufacturing overhead costs Direct labor costs Machine hours $870,000 1,470,000 72,500 hours At the end of 2024, the company had actually incurred: Direct labor costs $1,220,000 Depreciation on manufacturing plant and equipment 560,000 Property taxes on plant 36,500 Sales salaries 27,500 Delivery drivers' wages 21,000 Plant janitor's wages Machine hours 22,000 61,000 hours Print Done Predetermined overhead allocation rate Requirements per machine hour 1. Compute Patel's predetermined overhead allocation rate. 2. Prepare the journal entry to allocate manufacturing overhead. 3. Post the manufacturing overhead transactions to the Manufacturing Overhead T-account. Is manufacturing overhead underallocated or overallocated? By how much? 4. Prepare the journal entry to adjust for the underallocated or overallocated manufacturing overhead. Does your entry increase or decrease Cost of Goods Sold? Print Done - X