Ikea Company applies manufacturing overhead to jobs on the basis of machine hours used.

Overhead costs are expected to total $456,789 4 for the year, and machine usage is estimated at 126,000 hours

For the year, $432450 of overhead costs are incurred and 125,500 hours are used.

What is the predetermined overhead rate

What is the amount of overhead applied

Has it been over or underapplied?

Prepare the adjusting entry to adjust the cost of goods sold