The Heat 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: Requirements 1. Compute the budgeted manufacturing overhead rate for 2020. 2. Compute the under- or overallocated manufacturing overhead of Heat 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. Data table Budgeted manufacturing overhead costs S Overhead allocation base- Budgeted machine-hours 70,000 5,150,000 Manufacturing overhead costs incurred S Actual machine-hours 65,000 Machine-hours data and the ending balances (before proration of under- or overallocated overhead) are as follows: 2020 End-of-Year Balance Actual Machine-Hours 48,000 $ 7,500,000 1,500,000 10,000 7,000 1,000,000 Cost of Goods Sold Finished Goods Control Work-in-Process Control 4,900,000 Machine-hours