The Zaf Radiator Company uses a normal-costing system with a single manufacturing overhead cost pool and machine-hours as the cost-allocation base. The following data are for 2020: (Click the icon to view the following data.) Read the requirements. Requirement 1. Compute the budgeted manufacturing overhead rate for 2020. Begin by selecting the formula you will use. Then, enter the amounts and calculate the rate. = Budgeted manufacturing overhead rate Data table Budgeted manufacturing overhead costs $ 4,800,000 Overhead allocation base Machine-hours Budgeted machine-hours 80,000 Manufacturing overhead costs incurred $ 4,900,000 Actual machine-hours 75,000 Machine-hours data and the ending balances (before proration of under- or overallocated overhead) are as follows: 2020 End-of-Year Balance Cost of Goods Sold Finished Goods Control Work-in-Process Control Actual Machine-Hours 60,000 $ 11,000 4,000 8,000,000 1,250,000 750,000 Requirements 1. Compute the budgeted manufacturing overhead rate for 2020. 2. Compute the under- or overallocated manufacturing overhead of Zaf Radiator in 2020. Adjust for this amount using the following: a. Write-off to Cost of Goods Sold b. Proration based on ending balances (before proration) in Work-in-Process Control, Finished Goods Control, and Cost of Goods Sold c. Proration based on the overhead allocated in 2020 (before proration) in the ending balances of Work-in-Process Control, Finished Goods Control, and Cost of Goods Sold 3. Which method do you prefer in requirement 2? Explain.