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Merck manufactures two products: X and Y. Product X uses 40,000 machine hours and Product Y uses 60,000 machine hours. The total overhead cost is

Merck manufactures two products: X and Y. Product X uses 40,000 machine hours and Product Y uses 60,000 machine hours. The total overhead cost is $14,000,000. Calculate the overhead rate per machine hour and the overhead allocated to each product. Prepare the balance sheet after the formation of the partnership.

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