Assume the following data: Estimated total overhead for the year: $15,000,000 with 300,000 machine hours. Actual overhead for the year: $16,000,000 with actual machine of 330,000 hours. The company uses a predetermined overhead rate based on machine hours for applying overhead. How much of the overhead is overapplied or underapplied? o $500,000 underapplied o $500,000 overapplied o $1,000,000 underapplied o $1,000,000 overapplied Assume the following data: Sales: $820,000 Variable costs: 55% of sales Operating income: $260,000 What is the contribution margin ratio? 55% o $369,000 0 45% o $560,000