S Colonial Woodworking uses normal costing 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 2017, Colonial 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 costs 4,800,000 Actual quantity of cost-allocation base 240,000 Budgeted manufacturing overhead rate 20 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 Work-in-Process Control Debit Credit