Davey Products uses a job-costing system with two direct-cost categories (direct materials and direct manufacturing labor) and one manufacturing overhead cost pool. Davey allocates manufacturing overhead costs using direct manufacturing labor costs. Davey provides the following information: (Click the icon to view the information.) Read the requirements. Requirement 1. Compute the actual and budgeted manufacturing overhead rates for 2017. (Enter your answer as a number [not as a percentage] rounded to two decimal places, X.XX.) Actual manufacturing overhead rate Budgeted manufacturing overhead rate Requirements 1. Compute the actual and budgeted manufacturing overhead rates for 2017. 2. During March, the job-cost record for Job 626 contained the following information: Direct materials used Direct manufacturing labor costs $35,000 $30,000 Compute the cost of Job 626 using (a) actual costing and (b) normal costing. 3. At the end of 2017, compute the under- or overallocated manufacturing overhead under normal costing. Why is there no under- or overallocated overhead under actual costing? 4. Why might managers at Davey Products prefer to use normal costing? Data table Direct material costs Direct manufacturing labor costs Manufacturing overhead costs Budget for 2017 $ 2,100,000 $ 1,500,000 2,850,000 Actual Results for 2017 2,050,000 1,420,000 2,840,000