Question 2 Murdoch Corp. uses a normal job-costing system in their manufacture of paddle boards. They allocate manufacturing overhead costs using direct manufacturing labour cost. The following data are available for 2022: Budgeted manufacturing overhead costs $110,000 Budgeted direct manufacturing labour costs $220,000 Actual manufacturing overhead costs $106,000 Actual direct manufacturing labour costs $220,000 Ending Balance $51,000 Account Work-in-progress Finished goods Cost of goods sold Required: $238,000 $561,000 1. Calculate the budgeted manufacturing overhead rate. 2. Calculate the amount of under- or over- allocated manufacturing overhead. 3. Calculated ending balances in Work-in Progress, Finished Goods, and Cost of Goods Sold. 4. How will Murdoch Corp account for this difference in manufacturing overhead?