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 2017, 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 rate X Data Table $ 4,080,000 170,000 Budgeted manufacturing overhead costs Budgeted direct labor-hours Actual manufacturing overhead costs Actual direct labor-hours $ 4,261,000 178,000 Print Done Requirements 1. Compute the budgeted manufacturing overhead rate. 2. Prepare the summary journal entry to record the allocation of manufacturing overhead. 3. 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. Print Done