The Ride - on Wake Company (ROW) produces a line of non motorized boats. ROW uses a normal-costing system and allocates manufacturing overhead using direct manufacturing labor cost. The following data are for 2012: Budgeted manufacturing overhead cost = $ 121, 000 Budgeted direct manufacturing labor cost = $ 220, 000 Actual manufacturing overhead cost = $ 126, 000 Actual direct manufacturing labor cost = $ 224, 000 (i). Identify the formula and Calculate the budgeted manufacturing overhead allocation rate. (ii). Identify the formula and Compute the amount of under or over allocated manufacturing overhead. (iii). Calculate the ending balances in work in process, finished goods, and cost of goods sold if under and over allocated manufacturing overhead is Written off to cost of goods sold Direct manufacturing labor cost in ending balance:| WIP = $15, 680, FG = $62, 720, CGS = $145, 600 (vi) .Identify the formula and Calculate the ending balances in work in process, finished goods, and cost of goods sold if under-and over allocated manufacturing overhead Is Prorated based on the overhead allocated in 2012 in the ending balances (before proration) in each of the three accounts: Ending Balance (Adjusted): WIP + = FG + = CGS + = (v). Which method makes the most sense? Justify your