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Actisan Wootworking uses nomal costing and alocales manulacturing overhead to jobs based on a budgetod labor-hour rate and actual direct labor-hours. Under- or overallocated cherhead, if immaterial, is written oll to Cost of Goods Sold. During 2017. Aftsan recorded the following: (Click the icon to view the data) Read the teguitements, Requirement 1. Conpute the budgeted manufacturing overhead rate. Enter the formula, then enter the amounts to calculate the budgeled manulacturing overhead rate. Requirement 2. Prepace the twmmary journal enty to mecord the alocation of manutacturing overtiead. (Record debits fint, then credet. Exciude oxplanations from any pumal entries) wette it of te cost of goods sois? Piepare the journal entry to dispose of the under. or overalocated overhead Requirement 3. Compute the amount of under. or overallocated marufacturing overhead. Is the amount significant encugh to warrant prorabion of overtead costs, of should Artisan Woodworking write it off to cost of goods sold? Prepare the joumal entry to dispose of the under-or overallocated overhead Enter the formula, then enter the amounts to calculate the over- of underallocated manulacturing ovarhead. (Use parentheses or a minus sign to report overallocated overhead.) = Undentlocated (Overalocated) =1 is the amount significant enough to warmant proration of overtend costs, of ahould Artsan Woodworking weite it of to cost of goods sold? The is amount of difference compared to manulacturing ovehesd costs alocated. if the quantites of work-th-process and finished goods inventories are Data table 1. Compute the budgeted manufacturing overhead rate. 2. Prepare the summary journal entry to record the allocation of manufacturing overhead. 3. Compute the amount of under- or overallocated manufacturing overhead. Is the amount significant enough to warrant proration of overhead costs, or should Artisan Woodworking write it off to cost of goods sold? Prepare the journal entry to dispose of the under- or overallocated overhead

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