At the beginning of the year, Infodeo established its predetermined overhead rate for movies produced during the year by using the following cost predictions: overhead costs, $1,872,000,and direct labor costs, $480,000. At year-end, the company’s records show that actual overhead costs for the year are $1,369,300. Actual direct labor cost had been assigned to jobs as follows: Movies completed and released $300,000
Movies still in production 54,000
Total actual direct labor cost $354,000

Required:
a. Determine the predetermined overhead rate for the year.
b. Prepare the adjusting entry to allocate any over- or underapplied overhead to Cost of Goods Sold.