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 2017, Seaway recorded the following: (Click the icon to view the data.) Read the requirements. Requirement 1. Compute the budgeted manufacturing i X Enter the formula, then enter the amounts to calculate Requirements 1. Budgeted manufacturing overhead costs 4,620,000 2. Requirement 2. Prepare the summary journal entry to 3. 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. kplanations from any journal entries.) Jou Accounts Print Done 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, immaterial, is written off to Cost of Goods Sold. During 2017, Seaway recorded the following: 3: (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 i Data Table X Budgeted manufacturing overhead costs 4,620,000 $ 4,620,000 Budgeted manufacturing overhead costs Budgeted direct labor-hours 220,000 Requirement 2. Prepare the summary journal entry to kplanations from any journal entries.) $ 4,755,000 Jou Actual manufacturing overhead costs Actual direct labor-hours 227,000 Accounts Print Done