Young Foundry uses a predetermined overhead allocation rate to allocate overhead to individual jobs, based on the machine hours required. At the beginning of 2018, the company expected to incur the following: At the end of 2018, the company had actually incurred: Required: (i) Compute Young's predetermined overhead allocation rate. (ii) Prepare the journal entry to allocate manufacturing overhead. (iii) Post the manufacturing overhead transactions to the Manufacturing Overhead Taccount. Is manufacturing overhead under allocated or over allocated? By how much? (iv) Prepare the journal entry to adjust for the under allocated or over allocated manufacturing overhead. Does your entry increase or decrease Cost of Goods Sold