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 2019: (Click the icon to view the data.) Inventory balances on December 31, 2019 were as follows: (Click the icon to view the account balances.) Required Requirement 1. Calculate the budgeted manufacturing overhead rate. Identify the formula and calculate the overhead allocation rate. (Abbreviation used: mfg. = manufacturing. Enter the overhead allocation rate as a whole number, rounded to the nearest whole number.) Overhead allocation rate ui 1 Required urir tit 1. Calculate the budgeted manufacturing overhead rate. 2. Calculate 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 overhead is: 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 2019 in the ending balances, before proration, in each of the three accounts 4. Which disposition method do you prefer in requirement 3? Explain. Print Done OS i Data ar Sult ar $ 121,000 o $ 220,000 Budgeted manufacturing overhead costs Budgeted direct manufacturing labour costs Actual manufacturing overhead costs Actual direct manufacturing labour costs S 127 200 $ 224,000 Account balances 2019 Direct Manufacturing Labour Account Ending Balance Cost in Ending Balance Work-in-process 41,500 $ 15,680 Finished goods 232,400 $ 62,720 Cost of goods sold $ 556,100 $ 145,600 50 Print Done Requirement 1. Calculate the budgeted manufacturing overhead rate. Identify the formula and calculate the overhead allocation rate. (Abbreviation used: mfg. = manufacturing Enter the overhead allocation rate as a whole number, rounded to the nearest whole number.) Overhead allocation rate 0 Actual direct labour costs Actual direct material costs Actual indirect costs Budgeted cost allocation base Budgeted direct material costs stio