Schulz Corporation applies overhead based upon machine-hours. Budgeted factory overhead was $266,400 and budgeted machine-hours were 18,500. Actual factory overhead was $287,920 and actual machine-hours were 19,050. Before disposition of under/overallocated overhead, the following information was available: Account Overhead Balance Portion Direct materials $60,000 $nil WIP $190,000 $66,500 Finished goods $250,000 $75,000 Cost of goods sold $560,000 $184,800 Required: a. Determine the budgeted factory overhead rate per machine-hour. b. Compute the over/underallocated overhead. C. Prepare the journal entry to dispose of the variance using the proration approach. 931 PM