Requirements Data table 1. 2. $ 5,000,000 250,000 Compute the budgeted manufacturing overhead rate. Prepare the summary journal entry to record the allocation of manufacturing overhead. Compute the amount of under-or overallocated manufacturing overhead. Is the amount significant enough to warrant proration of overhead costs, or should Seaway Woodworking write it off to cost of goods sold? Prepare the journal entry to dispose of the under-or overallocated overhead. Budgeted manufacturing overhead costs Budgeted direct labor-hours Actual manufacturing overhead costs Actual direct labor-hours 3. $ 5,207,000 261,000 Print Done Print Done Seaway Woodworking uses normal casting and allocates manufacturing overhead to jobs based on a budgeted labor-hour rate and actual direct labor-hours. Under- or overallocated overhead, if immaterial, is written off to Cost of Goods Sold. During 2020. Seaway recorded the following: Click the icon to view the data.) Read the requirements Requirement 1. Compute the budgeted manufacturing overhead rate. Enter the formula, then enter the amounts to calculate the budgeted manufacturing overhead rate. Budgeted manufacturing overhead rate Requirement 2. Prepare the summary journal entry to record the allocation of manufacturing overhead. (Record debits first, then credits. Exclude explanations from any journal entries.) Journal Entry Accounts Debit Credit Requirement 3. Corripute the amount of under-or overallocated manufacturing overhead. Is the arnount significant enough to warrant proration of overtread costs, or should Seaway Woodworking write it off to cost of goods sold? Prepare the journal entry to dispose of the under-or overallocated overhead. Enter the formula, then enter the articunts to calculate the over- or underallocated manufacturing overhead. (Use parentheses or a minus sign to report overallocated overfisadi.) = Underallocated (Overallocated) Is the amount significant enough to warrant proration of overhead costs, should Seaway Woodworking write it off to cost of goods sold? The vis amount of difference compared to manufacturing overhead costs allocated. If the quantities of work-in-process and finished goods inventories are Cost of Goods Sold account would be compared to net income the difference between proration and write off to Prepare the journal entry to dispose of the under-or overallocated overhead. (Record debits first, then credits. Exclude explanations from any journal entries.)