Infotrac Inc. sells a high-speed retrieval system for information. It provides the following information for the year. Overhead cost Budgeted Actual $1,403,360 $958,330 50,120 49,110 190,990 94,690 Machine hours Direct labour hours Overhead is applied on the basis of machine hours. (a) Your answer is correct. Calculate the predetermined overhead rate. Predetermined overhead rate 28 per machine hour Determine the amount of overhead applied for the year. Amount of overhead applied