The Cozy Radiator Company uses a norma conting system with a single manufacturing overhead cost pool and machine-hours as the cost allocation base. The following data are for Click the icon to view the following data) Read the rescurements Requirement 1. Compute the budgeted manufacturing overhead rate for 2020. Begin by selecting the formuln you will use. Then, enter the amounts and calculate the rate Budgeted manufacturing Overhead rato Requirements 1. Compute the budgeted manufacturing overhead rate for 2020. 2. Compute the under- or overallocated manufacturing overhead of Cozy Radiator in 2020. Adjust for this amount using the following: a. Write-off to Cost of Goods Sold b. Proration based on ending balances (before proration) in Work-in-Process Control, Finished Goods Control, and Cost of Goods Sold c. Proration based on the overhead allocated in 2020 (before proration) in the ending balances of Work-in-Process Control, Finished Goods Control and Cost of Goods Sold 3. Which method do you prefer in requirement 2? Explain. Print Done Data Table x Rurid end Budgeted manufacturing overhead costs $ 4,900,000 Overhead allocation base Machine-hours Budgeted machine-hours 70,000 Manufacturing overhead costs incurred $ 4,950,000 Actual machine-hours 65,000 Machine-hours data and the ending balances (before proration of under-or overallocated overhead) are as follows: Actual Machine-Hours 2020 End-of-Year Balance Cost of Goods Sold 48,000 $ 7,500,000 Finished Goods Control 10,000 1,500,000 Work-in-Process Control 7,000 1,000,000 Print Done