OVERHEAD PROBLEM (MUST SHOW CALCULATIONS, NO CALCULATIONS NO CREDIT) Budgeted manufacturing overhead: $5,600,000 Overhead allocation base: Machine hours Budgeted machine hours: 80,000 machine hours Manufacturing overhead Incurred during the year $5,500,000 Actual machine hours used during the year 75,000 machine hours 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: S (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