Nestl USA produces two products: Hot Pockets and Lean Cuisine. The total overhead cost is $20,000,000, with 100,000 machine hours for Hot Pockets and 150,000

Nestlé USA produces two products: Hot Pockets and Lean Cuisine. The total overhead cost is $20,000,000, with 100,000 machine hours for Hot Pockets and 150,000 machine hours for Lean Cuisine. Calculate the overhead rate per machine hour and the overhead allocated to each product. Prepare a classified balance sheet as of December 31, 20X1.