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Flood Ltd. manufactures a variety of products. In the past, Flood uses a traditional costing system in which the predetermined overhead rate is based on machine hours. The following estimates were used in preparing the predetermined overhead rate at the beginning of the year: Estimated Machine Hours 75,000 Budgeted Manufacturing Overhead $900,000 During the year, a glut of furniture on the market resulted in cutting back production and a buildup of furniture in the company's warehouse. The company's cost records revealed the following actual cost and operating data for the year Machine Hours 60,000 Actual Manufacturing Overhead $850,000 Inventories: Raw materials $ 30,000 Work in Process $100,000 Finished Goods $500,000 REQUIRED: 1. What is the company's predetermined overhead rate? 2. What is the total overhead applied during the year. 3. Was overhead over or under applied? By how much. 4. At the end of the year the company charges unassigned overhead to Cost of Goods Sold. Give the journal entry that the company makes at year end