Thomas Company uses normal costing. It allocates manufacturing overhead costs using a budgeted rate per machine-hour. The following data are available for 2017: (Click the icon to view the data.) Read the requirements. Requirement 1. Calculate the budgeted manufacturing overhead rate. Requirements Determine the formula, then calculate the budgeted manufacturing overhead rate. Budgeted manufacturing overhead rate 2. 1. Calculate the budgeted manufacturing overhead rate. Calculate the manufacturing overhead allocated during 2017. 3. Calculate the amount of under- or overallocated manufacturing overhead. Why do Thomas's managers need to calculate this amount? Print Done Data table Budgeted manufacturing overhead costs Budgeted machine-hours Actual manufacturing overhead costs Actual machine-hours Print Done $ 4,400,000 176,000 $ 4,260,000 171,000