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Thomas Company uses normal costing. It allocates manufacturing overhead costs using a budgeted rate per machine-hour. The following data are available for 2020 : (Click the icon to view the data.) Requirement 1. Calculate the budgeted manufacturing overhead rate. Determine the formula, then calculate the budgeted manufacturing overhead rate. Requirement 2. Calculate the manufacturing overhead allocated during 2020 . Determine the formula, then calculate the manufacturing overhead allocated during 2020. Data table BudgetedmanufacturingoverheadcostsBudgetedmachine-hoursActualmanufacturingoverheadcostsActualmachine-hours$4,200,000$4,040,000175,000169,000 Requirement 3. Calculate the amount of under- or overallocated manufacturing overhead. Why do Thomas's managers need to calculate this amount? The manufacturing overhead is by Why do Thomas's managers need to calculate this amount? Thomas's managers need to calculate the under- or overallocated manufacturing overhead at the of the year because the overhead costs allocated are based on These adjustments the reported income used to evaluate managerial performance