OVERHEAD PROBLEM (MUST SHOW CALCULATIONS, NO CALCULATIONS NO CREDIT) ACC202 TEST#1 NAME 55,600,000 Machine hours 80,000 machine hours $5,500,000 75,000 machine hours vegeted manufacturing overhead: Overhead allocation base: Budgeted machine hours: Manufacturing overhead incurred during the year Actual machine hours used during the year Unadjusted ending balances are as follows: Cost of goods sold $8,000,000 Finished goods $1,250,000 Work in process $ 750,000 (a) Compute the budgeted manufacturing overhead allocation rate: (b) Compute the allocated manufacturing overhead: (c) Compute the under-or-over allocated manufacturing overhead and dispose of this amount using proration based on ending balances (before proration) in Work-in-process, Finished goods, and Cost of goods sold accounts. (it is material). Journalize the overhead closing entry. DEBIT CREDIT