2) Wave Rebel Company (WRC) produces only one product. WRC uses s nomel costing system and allocates Inventory balances oa December 31, 2013, were as follows: Work in process Cost of goods sold $104,900 245,050 949,390 Required. 1. Calculate the manufacturing overhead allocation rate. 2. Compute the amount of under or over allocated manuffeturing overtede. 3. Calculate the ending balances in work in process, finished goods, and cost of goods sold if a Written off to cost of goods sold 4. Prepare the joumal entry to close the under or over allocated manuficturing overhead to Cost of Goods Sold