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 - x Data Table Requirement 1. Compute Patel's predetermined overhead allocation ral At the beginning of 2018, the company expected to incur the following: + Requirement 2. Prepare the joumal entry to allocate manufacturing ove Manufacturing overhead costs Direct labor costs Machine hours $850,000 1,460,000 85,000 hours Date Accounts At the end of 2018, the company had actually incurred: Dec. 31 $1,190.000 530,000 40.000 Direct labor costs Depreciation on manufacturing plant and equipment Property taxes on plant Sales salaries Delivery drivers' wages Plant janitor's wages Machine hours 25,500 Requirement 3. Post the manufacturing overhead transactions to the T- Manufacturing Overhead 24,000 22,000 65.000 hours Print Done Is manufacturing overhead underallocated or overallocated? By how mu Manufacturing overhead is by Requirement 4. Prepare the journal entry to adjust for the underallocated or overallocated manufacturing overhead. Does your entry increase or decrease cost of goods sold? (Record debits first, then credits. Exclude explanations from any joumal entries.) Patel Foundry uses a predetermined overtread allocation rate to allocate overtiead to individual jobs, based on the machine hours required. Click the icon to view the costs.) Read the requirements. Requirement Compute Patel's predetermined overhead allocation rate. Predetermined overhead allocation rate per machine hour Requirement 2. Prepare the journal entry to allocate manufacturing overhead. (Record debits first, then credits. Exclude explanations from any joumal entries.) Date Accounts Debit Credit Dec. 31 Requirement 3. Post the manufacturing overhead transactions to the T-account and calculate the balance. (Enter the ending balance on the last line.) Manufacturing Overhead Is manufacturing overhead underallocated or overallocated? By how much? Manufacturing overhead is Requirement 4. Prepare the journal entry to adjust for the underallocated or overallocated manufacturing overhead, Does your entry increase or decrease cost of goods sold? (Record debits first, then credits. Exclude explanations from any journal entries.) 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 3. Post the manufacturing overhead transactions to the T-account and calculate the balance. (Enter the ending balance on the last line.) Manufacturing Overhead Is manufacturing overhead underallocated or overallocated? By how much? Manufacturing overhead is Requirement 4. Prepare the joumal entry to adjust for the underallocated or overallocated manufacturing overhead. Does your entry increase or decrease cost of goods sold? (Record debits first, then credits. Exclude explanations from any joumal entries.) Date Accounts Debit Credit Dec. 31 Does your entry increase or decrease Cost of Goods Sold? This entry Cost Goods Sold