Seaway 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 2020, Seaway recorded the following: (Click the icon to view the data.) i Data Table Read the requirements. Requirement 1. Compute the budgeted manufacturing overhead rate. Budgeted manufacturing overhead costs $ 4,000,000 Enter the formula, then enter the amounts to calculate the budgeted manufacturing overhead rate. Budgeted direct labor-hours 160,000 $ Budgeted manufacturing Actual manufacturing overhead costs 4,112,000 165,000 overhead rate Actual direct labor-hours Print Done Requirement 2. Prepare the summary journal entry to record the allocation of manufacturing overhead. (Record debits first, then credits. Exclude explanations from a Journal Entry Accounts Debit Credit i Requirements X 1 . Compute the budgeted manufacturing overhead rate. 2 Prepare the summary journal entry to record the allocation of manufacturing overhead. 3 Requirement 3. Compute the amount of under- or overallocated manufacturing overhead. Is the amount significant enough to warrant proration of overhe Compute the amount of under- or overallocated manufacturing overhead. Is journal entry to dispose of the under- or overallocated overhead. the amount significant enough to warrant proration of overhead costs, or should Seaway Woodworking write it off to cost of goods sold? Prepare the Enter the formula, then enter the amounts to calculate the over- or underallocated manufacturing overhead. (Use parentheses or a minus sign to report of journal entry to dispose of the under- or overallocated overhead. -Underallocated (Overallocated) Print Done Is the amount significant enough to warrant proration of overhead costs, or should Seaway Woodworking write it off to cost of goods sold? Choose from any list or enter any number in the input fields and then continue to the next