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. (a) Your answer is correct. Calculate the predetermined overhead rate. Calculate the predetermined overhead rate. (b) Predetermined overhead rate eTextbook and Media * Your answer is incorrect. Determine the amount of overhead applied for the year. Amount of overhead applied $ 3554520 38 per machine hour Attempts: 1 of 2 used