The Row - On - Water 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 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.) Requirements 1. Calculate the manufacturing overhead allocation 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 (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 4. Which method would you choose? Justify your answer. The Row - On - Water 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.) []=Overheadallocationrate Data table