E17-20 (similar to) Smith Foundry uses a predetermined overhead allocation rate to locate overhead to individual jobs, based on the machine hours required (Click the loon to view the costs) Data Table Read the Requirement 1. Compute Smith's predetermined overhead allocation rate Prodetermined overhead location rate por machine our Requirements At the beginning of 2018, the company expected to incur the following Manufacturing overland costs $270,000 Direct labor costa 1.500.000 Machine hours 72.500 hours At the end of 2018, the company had actually incurred Direct labor costs 51.170,000 Depreciation en manufacturing plant and equipment 580,000 Property taxes on plant 30.500 Sales salaries 25,500 Delivery drivers' wages 34.500 Piant janitor's wages 19.000 Machine hours 6.000 hours 1. Compute Smity'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 under located or overlocated? By how much? 4. Prepare the journal entry to adjust for the understocated or overallocated manufacturing over Does your entry increase or decrete Cost of Goods Sold? Print Done Print Done Choose from any list of enter any number in the input fields and then click Check Answer 5 remaining Clear AB