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. Data table Requirement 1. Compute Patel's predetermined overhead allocation rate. Requirements Predetermined overhead allocation rate per machine hour At the beginning of 2024, the company expected to incur the following: Manufacturing overhead costs Direct labor costs Machine hours $880,000 1,510,000 80,000 hours At the end of 2024, the company had actually incurred: Direct labor costs Depreciation on manufacturing plant and equipment 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 Property taxes on plant Sales salaries Delivery drivers' wages Plant janitor's wages Machine hours Print Done - $1,190,000 580,000 36,000 28,000 23,500 16,000 62,000 hours