13 Program Maps Student Services Academics 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 Allocated 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. A C. Prepare the journal entry to dispose of the variance using the write-off to cost of goods sold Studen....pptx approach. The corporation uses Manufacturing Overhead Allocated and Manufacturing Overhead control accounts. d. Prepare the journal entry to dispose of the variance using the proration annroach