HELP PLEASE ASAP

2. (10 points) Consider the following selected cost data for the Charles Forging Company for 2020. Budgeted manufacturing overhead costs Budgeted machine-hours Actual manufacturing overhead costs Actual machine-hours $7,500,000 250,000 $7,300,000 245,000 The company uses normal costing. Its job-costing system has a single manufacturing overhead cost pool. Costs are allocated to jobs using a budgeted machine-hour rate. Any amount of under- or overallocation is written off to Cost of Goods Sold. a. Compute the budgeted manufacturing overhead rate. b. Prepare the journal entries to record the allocation of manufacturing overhead. (Question 2 continued) C. Compute the amount of under- or over-allocation of manufacturing overhead. Is the amount under-or over-applied? d. Prepare a journal entry to dispose of the under-or over-applied amount. Any amount of under-or overallocation is written off to Cost of Goods Sold