The Ride-On-Wave (ROW) Company produces a line of non-motorized boats. ROW uses a normal job-costing system and allocates manufacturing overhead costs using direct manufacturing labour cost. The following data are available for 2022: (Click the icon to view the data.) Inventory balances on December 31, 2022 were as follows: (Click the icon to view the account balances.) Required Data - Budgeted manufacturing overhead costs $ 132.000 Requirement 1. Calculate the budgeted manufacturing overhead rate. Budgeted direct manufacturing labour costs Actual manufacturing overhead costs Actual direct manufacturing labour costs S 220,000 $ 136.000 $ 220,000 Identify the formula and calculate the overhead allocation rate. (Abbreviation used: mfg. = manufacturing. Enter the overhea Overhead allocation rate Required - Account balances Ending Balance 2022 Direct Manufacturing Labour Cost in Ending Balance Work-in-process Finished goods $ 41,500 $ 19,800 $ 232,400 $ 59,400 Cost of goods sold $ 556,100 $ 140,800 1. Calculate the budgeted manufacturing overhead rate. 2. Calculate the amount of under- or overallocated manufacturing overhead. Calculate the ending balances in Work-in-Process, Finished Goods, and Cost of Goods Sold if under or overallocated overhead is: 3. 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 2022 in the ending balances. before proration, in each of the three accounts Account 4. Which disposition method is preferred in requirement 3? Explain. Print Done -