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Question Help Flores 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 1. Compute Flores' predetermined overhead allocation rate. i Data Table X Predetermined overhead allocation rate At the beginning of 2018, the company expected to incur the following: per machine hour Manufacturing overhead costs $900,000 Requirement 2. Prepare the journal entry to allocate manufacturing overhead. (Record debits first, then credits. Exclude explanations from any journal entries.) Direct labor costs 1,550,000 Date Accounts Debit Credit Machine hours 75,000 hours Dec. 31 At the end of 2018, the company had actually incurred Direct labor costs $1,220,000 Depreciation on manufacturing plant and equipment 560,000 Property taxes on plant 38,000 Requirement 3. Post the manufacturing overhead transactions to the T-account and calculate the balance. (Enter the ending balance on the last line.) Sales salaries 28,500 Manufacturing Overhead Delivery drivers' wages 24,000 Plant janitor's wages 20,000 Machine hours 61,000 hours Print Done Is manufacturing overhead underallocated or overallocated? By how much? 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 journal entries.) Date Accounts Debit Credit Dec. 31 Does your entry increase or decrease Cost of Goods Sold? Thin Choose from any list or enter any number in the input fields and then continue to the next question. Activate Windows