Young Foundry uses a predetermined overhead allocation rate to allocate overhead to individual jobs, based on the machine hours required. At the beginning of 2019, the company expected to incur the following: Manufacturing overhead costs $ 845,000 Machine hours 65,000 hours At the end of 2019, the company had actually incurred: Direct labor costs Depreciation on manufacturing plant and equipment Property taxes on plant Machine hours $ 1,230,000 650,000 50,000 60,000 hours Requirements 1) Compute Young's predetermined overhead allocation rate. (4 points) 2) Prepare the journal entry to allocate manufacturing overhead. (5 points) 3) Is manufacturing overhead underallocated or overallocated? By how much? (5 points) 4) Prepare the journal entry to adjust for the underallocated or overallocated manufacturing overhead. (4 points)