The Hazy Radiator Company uses a normal-costing system with a single manufacturing overhead cost pool and machine-hours as the cost-allocation base. The following data are for 2020: (Click the icon to view the following data.) Read the requirements. Requirement 1. Compute the budgeted manufacturing overhead rate for 2020. Begin by selecting the formula you will use. Then, enter the amounts and calculate the rate. $ Budgeted manufacturing overhead 4,875,000 Budgeted machine-hours 75,000 Budgeted manufacturing overhead rate 65 Requirement 2. Compute the under- or overallocated manufacturing overhead of Hazy Radiator in 2020. Begin by selecting the formula you will use. Next, enter the amounts in the formula and compute the under- or overallocated manufacturing overhead. (Use parentheses or a minus sign when entering overallocated amounts.) Manufacturing overhead incurred 4,925,000 Manufacturing overhead allocated underallocated (overallocated) 5,200,000 Manufacturing overhead (275,000) a. Adjust for this amount using a write-off to Cost of Goods Sold. Show the account balances after the write-off. Data table Budgeted manufacturing overhead costs 4,875,000 Overhead allocation base Machine-hours Budgeted machine-hours 75,000 Manufacturing overhead costs incurred $ 4,925,000 Actual machine-hours 80,000 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 60,000 $ 8,500,000 Finished Goods Control 12,000 1,000,000 Work-in-Process Control 8,000 500,000