Accountingformanufacturingoverhead.CreativeWoodworkingusesnormalcostingandallocatesman- ufacturing overhead to jobs based on a budgeted labor-hour rate and actual direct labor-hours. Under- or overal- located overhead, if immaterial, is written off to Cost of Goods Sold. During 2017, Creative recorded the following: Budgeted manufacturing overhead costs Budgeted direct labor-hours Actual manufacturing overhead costs Actual direct labor-hours $4,140,000 180,000 $4,337,000 189,000 Required 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 Creative Woodworking write it off to cost of goods sold? Prepare the journal entry to dispose of the under- or overallocated overhead.