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Tesla Inc. produces two models of cars: Model S and Model 3. The total overhead cost is $60,000,000, with 40,000 machine hours for Model S

Tesla Inc. produces two models of cars: Model S and Model 3. The total overhead cost is $60,000,000, with 40,000 machine hours for Model S and 100,000 machine hours for Model 3. Calculate the overhead rate per machine hour and the overhead allocated to each model. Prepare the balance sheet after the formation of the partnership.

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