Requirement 1. Calculate the manufacturing overhead allocation rate. Identify the formula and calculate the manufacturing overhead allocation rate. (Enter the result as a whole number.) Requirement 2. Compute the amount of under- or overallocated manufacturing overhead. Identify the formula and calculate the under- or manufacturing overallocated overhead. (Use parentheses or a minus sign to report overhead overallocated.) l of the three accounts, (c) prorated based on the overhead allocated in 2020 in the ending balances (before proration) in each of the three accounts. (a.) Calculate the ending balances in work in process, finished goods and cost of goods sold if under- or overallocated manufacturing overhead is written off to cost of goods sold. Data table \begin{tabular}{lcrr|} \hline 2020 direct manufacturing \end{tabular} \begin{tabular}{lcrr} Account & Ending balance & labor cost in ending balance \\ \hline Work in process & $ & 50,400$ & 23,000 \\ Finished goods & 226,800 & 66,700 \\ Cost of goods sold & 562,800 & 140,300 \\ \hline \end{tabular} on December 31, 2020 were as follows: o view the account balances.) nts. Requirements 1. Calculate the manufacturing overhead allocation rate. 2. Compute the amount of under- or overallocated manufacturing overhead. 3. Calculate the ending balances in work in process, finished goods, and cost of goods sold if under- or overallocated manufacturing overhead is as follows: a. Written off to cost of goods sold b. Prorated based on ending balances (before proration) in each of the three accounts Data table c. Prorated based on the overhead allocated in 2020 in the ending balances (before proration) in each of the three accounts 4. Which method would you choose? Justify your answer. \begin{tabular}{|lcc|} \hline Budgeted manufacturing overhead cost & $ & 135,000 \\ Budgeted direct manufacturing labor cost & $ & 225,000 \\ Actual manufacturing overhead cost & $ & 143,000 \\ Actual direct manufacturing labor cost & $ & 230,000 \\ \hline \end{tabular} hending balances (berore proration) in each of the three accounts. (Use a minus sign or parentheses to shov Print Done