Question 2(lob casting accounting for Marks) anufacturing overhead) 125 The Matthew Company uses a normal job-costing system at its Minneapolis plant. The plant has a machining department and an assembly department. Its job- costing system has two direct-cost categories (direct materials and direct manufacturing labor) and two manufacturing overhead cost pools (the machining department overhead, allocated to jobs based on actual machine hours, and the assembly department overhead, allocated to jobs based on actual direct manufacturing labor costs). The 2017 budget for the plant is as follows: Manufacturing warhead Direct manufacturing labor costs Direct manufacturing labor hours Machine-hours Machining Department $1,500,000 $1,600.000 120.000 30.000 Assembly Departemen $5,100,000 $9.000.000 280.000 270.000 Required: 1.Compute the budgeted manufacturing overhead rate for each department. 2.During February, the job-cost record for Job 494 contained the following Machining Department $12.00 $15.000 Assembly Department SRO $19.000 Direct materials ad Direct manufacturing labor Direct materials wed Direct monuincturing Imbor costs Direct manufacturing labor-hours Machine-hours $42.000 $15.000 1,100 2800 Ambly Der 372.000 $19.000 1.300 1.100 Compute the total manufacturing overhead costs allocated to Job 494. 3.At the end of 2017, the actual manufacturing overhead costs were $1,800,000 in machining and $5,300,000 in assembly. Assume that 33,000 actual machine hours were used in machining and that actual direct manufacturing labor costs in assembly were $3,200,000. Compute the over or under-allocated manufacturing overhead for each department