Portland Outfitters, a manufacturer of fly fishing flies, uses a normal-costing system with a single overhead cast pool and direct labor as the cost-allocation base. The following data are for 2020: (Click the icon to view the following data.) Read the requirements i Data Table Requirement 1. Compute the budgeted manufacturing overhead rate for 2020 Begin by selecting the formula you will use. In the next step enter the amounts and calculate the rate. (Enter the rate as a whole percentage, X%) Budgeted manufacturing overhead rate Requirement 2. Compute the under-or overallocated manufacturing overhead of Portland Outfitters in 2020. Begin by selecting the formula you will use. In the next step enter the amounts in the formula and compute the under-or overallocated manufacturing overhead Manufacturing overhead = underallocated (overallocated) Budgeted manufacturing overhead costs S 1,320.000 Overhead allocation base Direct Labor Cost Budgeted direct labor cost S 550,000 Actual manufacturing overhead costs incurred S 1,311,000 Actual direct labor cost S 580,000 Manufacturing overhead allocated data and the ending balances (before proration of under or overallocated overhead) in each account are as follows: 2020 End-of-Year Mig OH Allocated Balance Cost of Goods Sold S 870,000 $ 3.100,000 Finished Goods Control 290,000 1.200.000 Work-In-Process Control 232,000 5,700.000 Print Done a. Adjust for this amount using a write-off to Cost of Goods Sold. Show the account balances after the write-off. Account Balance After Proration Cost of Goods Sold Finished Goods Control Work-In-Process Control (2 Choose from any list or enter any number in the input fields and then continue to the next question. Portland Outfitters, a manufacturer of fly fishing flies, uses a normal-costing system with a single overhead cost pool and direct labor as the cost-allocation base. The following data are for 2020- (Click the icon to view the following data.) Read the requirements A Data Table b. Adjust for this amount using a proration based on ending balances (before proration) in Work-in-Process Control, Finished Goods Control, and Cost of Good the next stop ontor the amounts in the formula to calculate the adjustment amounts. (Enter the proportions as a decimal to three decimal places, "XXXX". En parentheses to show overallocated amounts and adjustments to be subtracted.) = Adjustment COGS FG X x WIP Now enter the account balances after the write-off. Budgeted manufacturing overhead costs $ 1,320,000 Overhead allocation base Direct Labor Cost Budgeted direct labor cost $ 550,000 Actual manufacturing overhead costs incurred $ 1,311,000 Actual direct labor cost 5 580,000 Manufacturing overhead allocated data and the ending balances (before proration of under- or overallocated overhead) in each account are as follows: 2020 End-of-Year Mfg OH Allocated Balance Cost of Goods Sold $ 870,000 $ 3,100,000 Finished Goods Control 290,000 1,200,000 Work-in-Process Control 232,000 5,700,000 Account Balance After Proration Cost of Goods Sold Finished Goods Control Work-in-Process Control c. Adjust for this amount using a proration based on the overhead allocated in 2020 (before proration) in the ending balances of Work in Process Control, Finis calculate the adjustment to each account. In the next step enter the amounts in the formula to calculate the adjustment amounts. (Enter the proportions as a de whole dollar. Use a minus sign or parentheses to show overallocated amounts and adjustments to be subtracted.) Print Done Adjustment COGS ? Choose from any list or enter any number in the input fields and then continue to the next question. Portland Outfitters, a manufacturer of fly fishing flies, uses a normal.costing system with a single overhead cost pool and direct labor as the cost-allocation base. The following data are for 2020 B! (Click the icon to view the following data.) Read the requirements i Data Table Work-in-Process Control c. Adjust for this amount using a proration based on the overhead allocated in 2020 (before proration) in the ending balances of Work-in-Process Control, Finis calculate the adjustment to each account. In the next step enter the amounts in the formula to calculate the adjustment amounts. (Enter the proportions as a de whole dollar. Use a minus sign or parentheses to show overallocated amounts and adjustments to be subtracted.) Adjustment COGS FG x WIP Budgeted manufacturing overhead costs $ 1,320,000 Overhead allocation base Direct Labor Cost Budgoted direct labor cost $ 550,000 Actual manufacturing overhead costs incurred $ 1.311,000 Actual direct labor cost S 580,000 Manufacturing overhead allocated data and the ending balances (before proration of under-or averallocated overhead) in each account are as follows: 2020 End-of-Year Mtg OH Allocated Balance Cost of Goods Sold $ 870,000 $ 3,100,000 Finished Goods Control 290,000 1,200.000 Work in Process Control 232,000 5,700,000 Now enter the account balancos after the write-off Account Balance After Proration Cost of Goods Sold Finished Goods Control Work-in-Process Control Requirement 3. Which method do you prefer in requirement 2? Explain. Print Done Alternative is theoretically preferred over This alternative yields the same ending balances in work in process, finished goods, and cost of goods sold that would have been reported Choose from any list or enter any number in the input fields and then continue to the next