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 2020: (Click the icon to view the data.) Inventory balances on December 31, 2020 were as follows: Click the icon to view the account balances.) Read the requirements Requirement 1. Calculate the manufacturing overhead allocation rate. Identify the formula and calculate the manufacturing overhead allocation rate. (Enter the result as a whole number.) Overhead allocation rate Requirement 2. Compute the amount of under-or overallocated manufacturing overhead. Identify the formula and calculate the under-ar manufacturing overallocated overhead. (Use parentheses or a minus sign to report overhead overallocated.) Underallocated (overallocated) Inventory balances on December 31, 2020 were as follows: Click the icon to view the account balances.) 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 2020: (Click the icon to view the data Data Table - X Requirement 1. 6 Data Table - X Identify the formu nur $ 110,000 allo Account $ 220,000 Budgeted manufacturing overhead cost Budgeled direct manufacturing labor cost Actual manufacturing overhead cost Actual direct manufacturing labor cost Ending balance S 33,400 $ 2020 direct manufacturing labor cost in onding balance 18,320 84,120 146,560 $ 119.500 Work in process Finished goods Cost of goods sold Requirement 2. 225,450 $ 229,000 Identify the formu or 576,150 ted Print Done Print Done Ronniromant? Calculate the online halance in work in procece finlcher wie and moet n wie coln Ifindor or uorallocator manufacturinat nuorhear is ac followeral written off taract at anale cold ih Choose from any list or enter any number in the input fields and then continue to the next question. Requirement 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 (before proration) in each of the three accounts, (c) prorated based on the overhead allocated in 2020 in the ending balances (before proration) in each of the three accounts. (a.) Calculate the ending balances in work in process, finished goods and cost of goods sold if under- or overallocated manufacturing overhead is written off to cost of goods sold. Account Ending Balance Work in process Finished goods Cost of goods sold (b.) Begin by identifying the formula and calculating the adjustment to each account assuming under- or overallocated manufacturing overhead is prorated based on ending balances (before proration) in each of the three accounts. (Use a minus sign or parentheses to show overallocated amounts and adjustments to be subtracted.) - (b.) Adjustment Choose from any list or enter any number in the input fields and then continue to the next question. The Ride-On-Wave Company (ROW) produces a line of non-motorized boats. ROW uses a Inventory balances on December 31, 2020 were as follows: normal-costing system and allocates manufacturing overhead using direct manufacturing labor cost. The Click the icon to view the account balances.) following data are for 2020: Read the requirements, (Click the icon to view the data.) b.) Begin by identifying the formula and calculating the adjustment to each account assuming uncer- or overallocated manufacturing overhead is prorated based on ending balances (before proration) in each of the three accounts. (Use a minus sign or parentheses to show overallocated amounts and adjustments to be subtracted.) 7 Adjustment {b.) WIP FG = CGS Now calculate the ending balances in work in process, finished goods and cost of goods sold if under-or overallocated manufacturing overhead is prorated based on ending balances (before proration) in each of the three accounts. Use a minus sign or parentheses to show adjustments to be subtracted.) Ending Balance (adjustod) (b.) WIP FG Choose from any list or enter any number in the input fields and then continue to the next question. FG = CGS + (c.) Begin by identifying the formula and calculating the adjustment to each account assuming under- or overallocated manufacturing overhead is prorated based on the overhead allocated in 2020 in the ending balances (before proration) in each of the three accounts. (Use a minus sign or parentheses to show overallocated amounts and adjustments to be subtracted.) (c.) Adjustment WIP x x x FG = CGS = (c.) Enter the formula and calculate the ending balances in work in process, finished goods and cost of goods sold if under- or overallocated manufacturing overhead is prorated based on the overhead allocated in 2020 in the ending balances (before proration) in each of the three accounts. (Use a minus sign or parentheses to show overallocated amounts and adjustments to be subtracted.) (c.) Enter the formula and calculate the ending balances in work in process, finished goods and cost of goods sold if under- or overallocated manufacturing overhead is prorated based on the overhead allocated in 2020 in the ending balances (before proration) in each of the three accounts. (Use a minus sign or parentheses to show overallocated amounts and adjustments to be subtracted.) (c.) + = Ending Balance (adjusted) WIP + = FG + = CGS + Requirement 4. Which method would you choose? Justify your answer. The method that makes the most sense is to V. The amount of the over- underallocation amount is V so