A manufacturing company applies factory overhead based on direct labor hours. At the beginning of the year, it estimated that factory overhead costs would be $332,000 and direct labor hours would be 47,300. Actual manufacturing overhead costs incurred were $315,700, and actual direct labor hours were 51,700. What is the predetermined overhead rate per direct labor hour? a. $5.62 b. $10.53 c. $8.42 d. $7.02