Learning ojectuive Young Foundry uses a predetermined overhead allocation rate to allocate overhead to individual jobs, based on the machine hours required. At the beginning of 2018, the1.$12 per MHr company expected to incur the following. Manufacturing overhead costs 840,000 Direct labor costs Machine hours 1,480,000 70,000 hours At the end of 2018, the company had actually incurred Direct labor costs Depreciation on manufacturing plant and equipment Property taxes on plant Sales salaries Delivery drivers' wages Plant janitor's wages Machine hours $ 1,230,000 620,000 35,500 26,000 22,500 17,000 60,000 hours Requirements 1. Compute Young'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