Giles Inc. manufactures high quality golfing equipment. Giles assigns overhead to products based on machine hours. At the beginning of the current year, estimated overhead costs were $500,000 and estimated machine hours were 50,000. During the year, 54,000 machine hours were actually used. By the end of the year, actual overhead costs were calculated to be $529,200. What was the predetermined overhead rate? Answer a. $0.10 per machine hour b. $9.80 per machine hour c. $10.58 per machine hour d. $10.00 per machine hour 3 points Question 54 Refer to the Giles Inc. information above. How much total overhead was applied to products during the year? Answer a. $571,536 b. $540,000 c. $490,000 d. $529,200 3 points Question 55 Refer to the Giles Inc. information above. By how much was overhead over- or underapplied for the year? Answer a. $39,200 underapplied b. $29,200 underapplied c. $10,800 overapplied d. $42,336 overapplied