Colonial Woodworking uses normal costing and allocates manufacturing overhead to jobs based on a budgeted labor-hour rate and actual direct labor-hours. Under-or overallocated overhead, if immaterial, is written off to Cost of Goods Sold. During 2020, Colonial recorded the following: (Click the icon to view the data.) Read the requirements ..... Requirement 1. Compute the budgeted manufacturing overhead rate. Enter the formula, then enter the amounts to calculate the budgeted manufacturing overhead rate. Budgeted manufacturing overhead costs 4,800,000 Budgeted quantity of cost-allocation base 240,000 Budgeted manufacturing overhead rate = $ 20 $ Requirement 2. Prepare the summary journal entry to record the allocation of manufacturing overhead. (Record debits first, then credits. Exclude explanations from any journal entries.) Journal Entry Debit Credit Accounts Work-in-Process Control Manufacturing Overhead Allocated Manufacturing Overhead Allocated Cost old 1. 2. 3. Compute the budgeted manufacturing overhead rate. Prepare the summary journal entry to record the allocation of manufacturing overhead. Compute the amount of under- or overallocated manufacturing overhead. Is the amount significant enough to warrant proration of overhead costs, or should Colonial Woodworking write it off to cost of goods sold? Prepare the journal entry to dispose of the under- or overallocated overhead