A company uses normal costing. Its job costing system has a single manufacturing overhead cost pool Costs are allocated to jobs using Budgeted machine hours rate. Any amount of over or under allocation is written off to COGS. The company has the following selected cost data items for 2020: Actual manufacturing overhead cost AED 9,250,000 Actual machine hours 445,000 Budgeted manufacturing overhead cost 10,450,000 Budgeted machine hours 550,000 Required: 1. Compute the budgeted manufacturing overhead rate. (1 mark) 2. Prepare the journal entries to record the allocation of manufacturing overhead. (15 mark) 3. Compute the amount of over or under allocation. (1.5 mark) 4 prepare the journal entry to write off the over/under allocation into COGS (1 mark) 5. The firm currently follows differentiation strategy, evaluate the appropriateness of the job costing system if the firm is changing to cost reduction strategy. (1 mark) 1 B ili go