TUS FOUR (10 marks) Flood Lid m ufactures a variety of prod system in which the predetermined overle estimates were used in the determined overbread ducts. In the past. Flood uses a traditional costing ned overhead rate is based on machine hours. The follow bed overhead rate at the beginning of the year Estimated Machine Hours 75.000 Budgeted Manufacturing Overlend S900.000 oduction and a the year, a glut of furniture on the market resulted in cutting back production mature in the company's warehouse. The company's cost records revealed following actual cost and operating data for the year buildup of furniture in the company Machine Hours Actual Manufacturing Overhead 60.000 $850,000 Inventories: Raw materials Work in Process Finished Goods $ 30.000 $100.000 $500,000 REQUIRED: a. What is the company's predetermined overhead rate? b. What is the total overhead applied during the year. c. Was overhead over or under applied? By how much. d. 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