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PR \#2 ACCOUNTING FOR MANUFACTURING OVERHEAD INSTRUCTIONS: Using the data below, input your responses to the four required items in the yellow highlighted cells below. You are required to use formulas for all calculations for this problem. Jamison Woodworking uses normal costing and allocates manufacturing overhead to jobs based on a budgeted labor-hour rate and actual direct labor- hours. Under- or over-allocated overhead, if immaterial, is written off to Cost of Goods Sold. During 2023, Jamison recorded the following: Budgeted manufacturing overhead costs Budgeted direct labor- hours Actual manufacturing overhead costs Actual direct labor- hours REQUIREMENTS: 1. Compute the budgeted manufacturing overhead rate. Budgeted manufacturing overhead rate 2. Prepare the journal entry to record the allocation of manufacturing overhead. 3. Compute the amount of under- or over-allocated manufacturing overhead. Amount of under- or over-applied manufacturing overhead Is this amount significant enough to warrant proration of overhead costs, or would it be permissible to write it off to cost of goods sold? Why? 4. Prepare the journal entry to dispose of the under- or over-allocated overhead