Question: Smith Foundry uses a predetermined overhead allocation rate to allocate overhead to individual jobs, based on the machine hours required. (Click the icon to

Smith 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 Smith's predetermined overhead allocation rate. Actual overhead cost 880000 Actual machine hours 80000 Predetermined overhead allocation rate 11 per machine hour Requirement 2. Prepare the journal entry to allocate manufacturing overhead. (Record debits first, then credits. Select the explanation on the last line of the journal e Date Accounts and Explanation Dec. 31 Work-in-Process Inventory Manufacturing Overhead Calculator Debit Credit Time Remaining: 01:12

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