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 Requirement 1. Calculate the budgeted manufacturing overhead rate Identify the formula and calculate the overhead allocation rate. (Abbreviation used: mifg. = manufacturing. Enter the overhead allocation rate as a whole number, rounded to the nearest whole number.) Overhead allocation rate Data Account balances $ 132.000 $ 220.000 Budgeted manufacturing overhead costs Budgeted direct manufacturing labour costs Actual manufacturing overhead costs Actual direct manufacturing labour costs 2022 Direct Manufacturing Labour Account Ending Balance Cost in Ending Balance Work in process S 41,500 S 19,800 Finished goods $ 232,400 S 59,400 Cost of goods sold $ 556,100 S 140,800 $ 136,000 $ 220.000 Print Done Print Done