Teach King prints custom training material for corporations. The business was started January 1, 2017. The company uses a normal-costing system. It has two direct-cost pools, materials and labor, and one indirect-cast pool, overhead. Overleed is charged to prining jobs on the basis of direct labor cost. The following information is available for 2017. Click the icon to view the following cala. There were two jobs in process on December 31, 2017. Job 11 and Job 12. Costs added to ach job as of December 31 am as follows (Click the icon to view the) Teach King has no finished-goods inventories because all printing jobs are transferred to cost of goods sold when complexed. Read the mammenta C3 Requirement 1. Compute the overhead allocation rate. Select the formula and enter the amounts to calculate the overhead allocation rate. (Enter the rate in decimal format to one decimal place, X.X. Do not enter the rate as a percentage.) Budget verhaa Budgeted direct labor Overhead allocation rate 180,000 16 8 288,000 Requirement 2. Calculate the balance in ending work in process and cast of goods soldi batore any adjustments for under- or overallocated overhead. Begin by akusting ending work in proosse before any adjustments for under- or overslocated overhead. Direct materials Direct labor Overhead Ending work in pressa Data table Job 11 Job 12 Total Cost 42/0 6000 6610 10100 7300 13300 Data table Badgeled direct labor $ 180,000 Budgeted marhead $ 288,000 Costs of actual midd $ 162,000 Job 11 $ Actual direct labor costs 3 168,000 Jab 12 Adual overhead $ 270,200 Direct materials Direct labor 4,270 $ 5,010 6.000 7.300 Requirements 1. Compute the overhead allocation rate. 2. Calculate the balance in ending work in proses and bowl of goods sold before any adjustments for under- or overallocated overhead. 3. Calculate under- or overal casted overhead. 4. Calculate the ending belances in work in process and cost of goods vid if the under-or overallocated overhead amount is as follows: a. Willen off to cost of goods sold b. Prorated using the overhead allocated in 2017 (before proration) In the ending balances of cost of goods sold and work-in-process control accounts 5. Which of the methods in requirement 4 would you choose? Explain.