Wilson Company uses normal costing. It allocates manufacturing overhead costs using a budgeted rate per machine-hour. The following data are available for 2020: (Click the icon to view the data.) Read the requirements. Requirement 1. Calculate the budgeted manufacturing overhead rate. Determine the formula, then calculate the budgeted manufacturing overhead rate. Budgeted manufacturing overhead rate Budgeted manufacturing overhead costs Budgeted machine-hours Actual manufacturing overhead costs Actual machine-hours $ 4,400,000 176,000 $ 4,240,000 171,000 1. 2. 3. Calculate the budgeted manufacturing overhead rate. Calculate the manufacturing overhead allocated during 2020. Calculate the amount of under- or overallocated manufacturing overhead. Why do Wilson's managers need to calculate this amount