The Company has the following selected cost data for 2023 : Budgeted Manufacturing Overhead: $984,000 Budgeted Machine Hours: 80,000 Actual Manufacturing Overhed: $972,000 Actual Machine Hours: 62,000 The Company's job costing system has a single manufacturing overhead cost pool and allocates the overhead to jobs using machine hours as the activity base. Each job is allocated overhead using the budgeted rate applied on actual machine hours used. Required: Using the above information, (a) determine the actual and the budgeted manufacturing overhead rate. (b) Compute the amount of under-allocation or over-allocation of manufacturing overhead