The following information is available as of December 31, 2020. (Click the icon to view the information.) Nelson Corporation manufactures custom cabinets for kitchens. It uses a normal-costing system with two direct cost categoriesdirect materials and direct manufacturing laborand one indirect-cost pool, manufacturing overhead costs. It provides the following information about manufacturing overhead costs for 2020. (Click the icon to view the manufacturing overhead cost information for 2020.) Requirement Calculate the underallocated or overallocated manufacturing overhead at the end of 2020 and prorate it to Work-in-Process Control, Finished Goods Control, and Cost of Goods Sold accounts based on the allocated manufacturing overhead in each account balance using normal costing. Begin by calculating the budgeted indirect cost rate. Identify the formula and then calculate the rate. (Assume the cost allocation base is direct labor hours.) Budgeted manufacturing overhead costs Budgeted labor - Budgeted indirect cost rate = $ 32 896,000 28,000 The manufacturing overhead allocated during the year is $ Enter any number in the edit fields and then click Check Answer. - X Data Table $ Budgeted manufacturing overhead costs Budgeted direct manufacturing labor hours Actual manufacturing overhead costs Actual direct manufacturing labor-hours 896,000 28,000 hours 1,170,000 26,000 hours $ Print Done Manufacturing Overhead in Each Account Balance Allocated in the Current Year (Before Proration) Account Balance (Before Proration) Account Work-in-Process Control $ 35,000 $ 31,360 Finished Goods Control 59,000 1,800,000 40,320 824,320 Cost of Goods Sold $ 1,894,000 $ 896,000 Print Done