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Sheridan Inc. sells a high-speed retrieval system for information. It provides the following information for the year. Budgeted Actual Overhead cost $1,972,960 $961,570 Machine hours 51,920 48,370 Direct labour hours 141,300 93,540 Overhead is applied on the basis of machine hours. Calculate the predetermined overhead rate. Predetermined overhead rate $ per machine hour e Textbook and Media Determine the amount of overhead applied for the year. Amount of overhead applied $ e Textbook and Media