=+5-22 K Accounting for manufacturing overhead OBJECTIVES 4, 5, 7 Consider the following selected cost data for Toowoomba Forging Ltd for 2014:

Budgeted manufacturing overhead costs $8 520 000 Budgeted machine-hours 240 000 Actual manufacturing overhead costs $8 300 000 Actual machine-hours 245 000 The company uses normal costing. Its job-costing system has a single manufacturing overhead cost pool. Costs are allocated to jobs using a budgeted machine-hour rate. Any amount of under- or overallocation is written off to Cost of goods sold.

Required 1 Calculate the budgeted manufacturing overhead rate.