The Ride-On-Wave 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 2017: Budgeted direct manufacturing labor cost $125,000 Budgeted manufacturing overhead cost $225,000 Actual direct manufacturing labor cost $117,000 Actual manufacturing overhead cost $214,000 Inventory balances on December 31, 2017, were as follows Account Ending Balance Work in process $50,700 Finished goods 549,250 Cost of Goods Sold 245,050 Required: 1. Calculate the manufacturing overhead allocation rate-budgeted MOH rate- 2. Compute the amount of under or overallocated manufacturing overhead. 3. Calculate the ending balances in work in process, finished goods, and cost of goods sold if under or overallocated manufacturing overhead is as follows: a. Written off to cost of goods sold b. Prorated based on ending balances in each of the three accounts