The Lynn Company uses a normal job-costing system at its Minneapolis plant. The plant has a machining department and an assembly department. Its job-costing system has two direct-cost categories (direct materials and direct manufacturing labor) and two manufacturing overhead cost pools (the machining department overhead, allocated to jobs based on actual machine-hours, and the assembly department overhead, allocated to jobs based on actual direct manufacturing labor costs). The 2017 budget for the plant is as follows: (Click the icon to view the budget data.) Read the requirements. Requirement 1. Compute the budgeted manufacturing overhead rate for each department. Enter the formula, then enter the budgeted manufacturing overhead and cost allocation bases to solve for the budgeted manufacturing overhead rate for each department. (Enter the percentage result as a whole percentage. Abbreviations used: manuf. = manufacturing, DM = direct manufacturing.) Budgeted manufacturing overhead rate Machining Assembly Requirement 2. Review the February job-cost record for Job 494. Compute the total manufacturing overhead costs allocated to Job 494. (Abbreviations used: MOH = manufacturing overhead.) Enter the formula to calculate the manufacturing overhead to allocate to a job. MOH allocated to job Compute the total manufacturing overhead costs allocated to Job 494. (do not round intermediary calculations.) MOH allocated to job Machining overhead Assembly overhead Total manufacturing costs allocated to job 494 Requirement 3. At the end of 2017, the actual manufacturing overhead costs were $2,100,000 in machining and $4,100,000 in assembly. Assume that 55,000 actual machine-hours were used in machining and that actual direct manufacturing labor costs in assembly were $3,100,000. Compute the over- or underallocated manufacturing overhead for each department. Enter the formula and compute the over- or underallocated manufacturing overhead for the year for each department. (Use parentheses or a minus sign to report manufacturing overhead overallocated. Abbreviations used: manuf. = manufacturing.) = Underallocated (Overallocated) Machining Assembly $ Manufacturing overhead Direct manufacturing labor costs Direct manufacturing labor-hours Machine-hours Machining Department Assembly Department 2,000,000 $ 3,900,000 1,300,000 $ 3,000,000 160,000 260,000 50,000 260,000 1. Identify the components of the overview diagram of Lynn's job-costing system. Compute the budgeted manufacturing overhead rate for each department. 2. During February, the job-cost record for Job 494 contained the following: Machining Department Assembly Department Direct material used $ 49,000 $ 74,000 Direct manufacturing labor costs $ 11,000 $ 18,000 Direct manufacturing labor-hours 1,600 Machine-hours 2,600 1,500 Compute the total manufacturing overhead costs allocated to Job 494. 3. At the end of 2017, the actual manufacturing overhead costs were $2,100,000 in machining and $4,100,000 in assembly. Assume that 55,000 actual machine-hours were used in machining and that actual direct manufacturing labor costs in assembly were $3,100,000. Compute the over- or underallocated manufacturing overhead for each department. 1,500