Michael Scott Paper Co. uses a predetermined overhead allocation rate to allocate overhead to individual jobs, based on the machine hours required. At the beginning of 2020 , the company expected to incur the following: At the end of 2020, the company had actually incurred: (Round your answers to two decimal places when needed and use rounded answers for all future calculations). 1. Compute the predetermined overhead allocation rate. 2. Prepare the journal entry to allocate overhead costs. 3. Use the T-account to determine if the amount is underallocated or overallocated manufacturing overhead. 4. Prepare the journal entry to adjust for the underallocated or overallocated manufacturing overhead