Rovet Company uses normal costing. It allocates manufacturing overhead costs using a budgeted rate per machine- hour. The following data are available for 2012: Budgeted manufacturing overhead costs……… $ 4,250,000 Budgeted machine- hours………….. 250,000 Actual manufacturing overhead costs ……… $ 4,120,000 Actual machine- hours ……………. 245,000 Required 1. Calculate the budgeted manufacturing overhead rate. 2. Calculate the manufacturing overhead allocated during 2012. 3. Why do Rovet’s managers want to calculate a budgeted manufacturing overhead rate? 4. Calculate the amount of under- or overallocated manufacturing overhead. Why do Rovet’s managers need to calculate this amount?