the following: (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 the budgeted manufacturing overhead rate. Requirement 2. Prepare the summary journal entry to record the allocation of manufacturing overhead. (Record debits first, then credits. Exclude explanations from any journal entries the under- or overallocated overhead. Enter the formula, then enter the amounts to calculate the over- or underallocated manufacturing overhead. (Use parentheses or a minus sign to report overallocated overhead.) =Underallocated(Overallocated)= Is the amount significant enough to warrant proration of overhead costs, or should Seaway Woodworking write it off to cost of goods sold? The is amount of difference compared to manufacturing overhead costs allocated. If the quantities of work-in-process and finished goods inventories are would be compared to net income. Data table Data table