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 P. i Data Table At the beginning of 2018, the company expected to incur the following: Manufacturing overhead costs $ 850,000 Direct labor costs 1,550,000 Machine hours 85,000 hours At the end of 2018, the company had actually incurred: $ 1,210,000 520,000 36,500 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 20,500 20,000 65,000 hours Print Done Compute Patel's predetermined overhead allocation rate. Prepare the journal entry to allocate manufacturing overhead. Post the manufacturing overhead transactions to the Manufacturing Overhead T-account. Is manufacturing overhead underallocated or overallocated? By how much? Prepare the journal entry to adjust for the underallocated or overallocated manufacturing overhead. Does your entry increase or decrease Cost of Goods Sold