4-24 Budgeted manufacturing overhead rate, allocated manufacturing overhead. Taylor Company uses normal job costing. It allocates manufacturing overhead costs using a budgeted rate per machine-hour. The following data are available for 2017: Budgeted manufacturing overhead costs Budgeted machine-hours Actual manufacturing overhead costs Actual machine-hours $3,800,000 200,000 $3,660,000 196,000 Required: t. rate. Calculate the budgeted manufacturing overhead 2. Calculate the manufacturing overhead allocated during 2017. 3. Calculate the amount of under or overallocated manufacturing overhead. Why do Taylor's managers need to calculate this amount? 1. Show two T-accounts, MOHA and MOHC. In the MOHA T-account, show the calculation of allocated OH. 2. Write a journal entry to record the allocation of OH to a job. 3. Show the journal entry to close MOHA, MOHC, and adjust COGS, 4. Is the allocated OH over- or under-applied