Problem #3 (30 points) Consider the following selected cost data available for Dangerfield Inc. for Budgeted manufacturing overhead costs Budgeted machine hours Budgeted direct labor hours Actual manufacturing overhead costs Actual machine hours Actual direct labor hours Work in Process (WIP) Inventory balances Finished Goods (FG) Inventory balances Cost of Goods Sold (COGS) balances s 7,000.00 175 $ 6,800.00 195 173 S 4,275,00 S 1,900.00 S 3,325.00 Dangerfield Inc. uses al pre-determine manufacturing overhead allocation or normal costing. It locates manufacturing under- Required 1. Calculate the predetermined overhead rate or POHR: overhead costs using budgeted rate per machine-hours. Any amount of or overapplied will be disposed to Cost of Goods Sold (COGS) Inventory accounts. 2. Calculate the manufacturing overhead allocated or applied 3. Prepare the journal entries to record the manufacturing overhead applied. 4. The amount of under or overallocated (or under or overapplied) manufacturing overhe Prepare the necessary journal entry to dispose under-or overapplied Determine the adjusted COGS balance after the disposal of under-or overapplie