Huckvale Corporation manufactures custom cabinets for kitchens. It uses a normal-costing system with two direct cost categories-direct materials and direct manufacturing labor and one indirect cost pool, manufacturing overhead costs. It provides the following information about manufacturing overhead costs for 2020, Click the icon to view the manutacturing overhead cost information for 2020.) The following information is available as of December 31, 2020, Click the icon to view the information.) Requirement Calculate the underallocated or overallocated manufacturing overhead at the end of 2020 and prorate it to Work in Process Control Finished Goods Control, and Cost of Goods Sold accounts based on the allocated manufacturing overhead in each account balance using normal costing Begin by calculating the budgeted indirect cost rate. Identify the formula and then calculate the rato. (Assume the cost allocation base is direct labor hours:) - Budgeted indirect cost rate $ 1,160,000 Budgeted manufacturing overhead costs Budgeted direct manufacturing labor hours Actual manufacturing overhead costs Actual direct manufacturing labor-hours 29,000 hours $ 1,260,000 28,000 hours Print Done