Banc Corp Trust is considering either a bankwide overhead rate or department overhead rates to allocate $475,000 of indirect costs. The bankwide rate could be based on either direct labor hours (DLH) or the number of loans processed. The departmental rates would be based on direct labor hours for Consumer Loans and a dual rate based on direct labor hours and the number of loans processed for Commercial Loans. The following information was gathered for the upcoming period Department Consumer Commercial DLH 17,000 8,000 Loans Processed 700 300 Direct Costs $360,000 $260,000 What is the overhead rate if Banc Corp. Trust allocates the indirect costs using direct labor hours? $19.00 per hour $420,00 per loan $580 per loan $45 per hour